Popular:LeTV Internet Café Pangang Vanadium and Titanium Zhonghong shares
Published on 2018-06-29 01:49:21 Share it web version
                        The wording of the central bank has changed: liquidity has changed from “reasonable stability” to “reasonable abundance”
Source: Daily News Author: Zhang Shoulin Editor: dongfangcaifuwang

The second quarter of the 2018 (the 81st) regular meeting of the Monetary Policy Committee of the People's Bank of China was held in Beijing on June 27.

It is worth noting that the meeting mentioned that a prudent monetary policy should remain neutral, be moderate and appropriate, manage the main gate of money supply, maintain a reasonable liquidity, and guide the reasonable growth of money and credit and social financing.

Comparing the “Monetary Policy Implementation Report” of the first quarter, we can find that the changes in the liquidity expression have also been formally changed from “keeping liquidity reasonably stable” to “maintaining sufficient liquidity”. (推荐阅读>>>About the renminbi, liquidity, foreign trade, this is the five major signals passed by the central bank in the second quarter of the regular meeting.)

Maintain ample liquidity

The meeting analyzed the economic and financial situation at home and abroad.

The reporter noted that the meeting pointed out that it is necessary to continue to pay close attention to the international and domestic economic and financial trends, and strengthen the pre-judgment of the situation and the prospective pre-adjustment and fine-tuning. Steady monetary policy should remain neutral, be moderate and appropriate, manage the main gate of money supply, maintain a reasonable liquidity, and guide the reasonable growth of money and credit and social financing.

We will continue to deepen the reform of the financial system, improve the dual-pillar regulatory framework for monetary policy and macro-prudential policies, and unblock the channels for transmission of monetary policy. In accordance with the requirements of deepening supply-side structural reforms, the financing structure and credit structure will be optimized to enhance the economic capabilities of financial services entities. Actively and orderly expand the financial opening up and enhance the vitality and resilience of the financial industry.

Earlier, the "China Monetary Policy Implementation Report" issued by the central bank (first quarter of 2018) pointed out that the implementation of a sound and neutral monetary policy, focus on guiding expectations, maintaining a reasonable and stable liquidity, and providing supply-side structural reform and high-quality development. Create a moderately moderate monetary and financial environment.

The change before and after is that this time, after the expression of the stable neutral monetary policy, it is clearly stated that “the tightness is moderate”, which was not available last time.

Changes in the formulation of liquidity have also been formally changed from “keeping liquidity to be reasonably stable” to “maintaining sufficient liquidity”.

It is worth noting that the Central Bank's Monetary Policy Committee in the fourth quarter of 2017 pointed out that the implementation of a sound and neutral monetary policy, effectively control the main gate of money supply, comprehensive use of multiple monetary policy tools, to maintain a reasonable scale of money and credit and social financing Growth, maintaining a reasonable and stable liquidity, improving the efficiency of financial operations and serving the real economy, and effectively controlling the macro leverage ratio.

Among them, "effectively controlling the main gate of money supply" has now become "management of the main gate of money supply."

"Daily Economic News" reporter noted that on June 13 this year, the Fed announced another 25 basis points rate hike, but the Chinese central bank did not respond accordingly, but announced on June 24, since July 5 The target is lowered by 0.5 percentage points. Then on June 25th, the amount of re-loans and rediscounts for small-scale farmers was increased by 150 billion yuan, and the interest rate of small loans was reduced by 0.5 percentage points.

Zhang Shiyuan, chief economist of Southwest Securities, said in an interview with the Daily Economic News that the domestic economy is still in the process of structural adjustment and transformation and upgrading. Before the new economic momentum has not formed a good support, it needs reasonable liquidity. To protect the economic development.

The structural adjustment of the financial sector is now undergoing positive changes.

At the same time, the meeting said that China's current economic fundamentals are good, economic growth remains resilient, overall supply and demand are balanced, and growth momentum is accelerating. The pull of domestic demand on the economy is rising, the dependence on foreign trade is declining significantly, and the ability to cope with external shocks is enhanced. The sound and neutral monetary policy has achieved good results, structural de-leverage has been steadily advanced, financial risk prevention and control has achieved initial results, and financial support for the real economy has been relatively stable. There have been positive changes in the structural adjustment of the domestic economy and finance, but there are still some deep-seated problems and prominent contradictions. The international economic and financial situation is more complicated and faces some serious challenges and uncertainties.

The meeting also emphasized that we should conscientiously implement the spirit of the 19th National Congress of the Communist Party of China and the work report of the government in the new era of Xi Jinping's socialist economic thoughts, continue to follow the decision-making arrangements of the Party Central Committee and the State Council, and adhere to the general tone of steady progress. Comprehensively use a variety of monetary policy tools, grasp the strength and rhythm of structural de-leverage, promote stable and healthy economic development, stabilize market expectations, lay a good foundation for preventing and defusing financial risks, and defending against the bottom line of systemic financial risks.

The meeting was chaired by Yi Gang, President of the People's Bank of China and Chairman of the Monetary Policy Committee. Monetary Policy Committee members Lian Weiliang, Liu Wei (Ministry of Finance), Chen Yulu, Liu Guoqiang, Ning Jizhen, Guo Shuqing, Liu Shiyu, Pan Gongsheng, Tian Guoli Liu Shijin and Ma Jun attended the meeting.

  相关报道>>>

  Central Bank: Grasp the strength and rhythm of structural de-leverage, maintain ample liquidity

  The second quarter regular meeting of the central bank: a stable monetary policy to maintain neutrality

  深度解读>>>

  Yi Gang first hosted the regular meeting of the central bank's monetary policy committee and released these signals.

  What did the Central Bank’s Monetary Policy Committee disclose in the second quarter?

  The liquidity of the insurance will be reasonable and sufficient.

  The central bank is expected to increase the open market currency in the second half of the year

Posted on 2018-06-29 02:32:30
                            The United States is rich in funds, resulting in a bull market for nine years.
Published on 2018-06-29 02:32:43
                            After singing the empty god stick brick home.
Posted on 2018-06-29 02:33:00
                            The money is abundant and the economy is natural.
Published on 2018-06-29 04:29:57
                            Chinese characters are difficult for foreigners to understand
Published on 2018-06-29 07:30:33
                            What is the meaning of the word?
Published on 2018-06-29 07:30:51
                            The yuan fell sharply
Published on 2018-06-29 07:31:55
                            OK
Published on 2018-06-29 07:32:40
                            If you don’t rise, you will know it. If you want to explain it, you have to look at the city to buy it.
Published on 2018-06-29 07:33:50
                            Real estate is good! Stock market delamination!
Published on 2018-06-29 07:34:07
                            Ample money can not withstand the trillions of market capitalization, dozens of hundreds of billions of market value unicorns listed! Such as PICC, Xiaomi, Ali, Baidu, etc.! Every rebound is your exit, lighten up opportunities!
Published on 2018-06-29 07:36:38
                            The more abundant the funds will be the tight circle of the month, because they will enter the property market, and how much will be sucked up by the five-fold lever
Published on 2018-06-29 07:37:57
                            Just want to know if today's reverse repo will be greater than the expiration. Action is greater than speech.
Published on 2018-06-29 07:38:29
                            The relationship with the stock market, anyway, just bought a loan
Published on 2018-06-29 07:38:40
                            This is to raise housing prices.
Published on 2018-06-29 07:38:42
                            The new printing machine is put into use
Published on 2018-06-29 07:38:55
                            I am afraid that the retail investors will misunderstand, and they will explain it clearly. It is difficult to appreciate the release of the renminbi.
Published on 2018-06-29 07:39:21
                            Ample money is also a benefit to the property market. It has nothing to do with the stock market. When did you see the stock market?
Published on 2018-06-29 07:39:37
                            "Improving the proportion of direct financing"
Published on 2018-06-29 07:40:10
                            Let you guess, boil the leek in warm water.
Published on 2018-06-29 07:40:13
                            Eggs
Published on 2018-06-29 07:40:37
                            The stocks are full of funds, but they are still falling.
Published on 2018-06-29 07:41:02
                            Change the ball
Published on 2018-06-29 07:41:16
                            No matter how much the flow is less than tax reduction, stamp duty, more than ten years! ! ! ! Shareholders agree to praise!
Published on 2018-06-29 07:41:28
                            Today, in the case of a mobile bath, drop 50 points first, and let the leek wake up!
Published on 2018-06-29 07:41:43
                            I am afraid that we will not buy stocks, and we will make the best decision.
Published on 2018-06-29 07:42:34
                            Do you think that the equity pledge of major shareholders is a kind of harm to small and medium-sized retail investors?
Published on 2018-06-29 07:44:16
                            Should go to 7, with the dollar, what is reasonable
Published on 2018-06-29 07:44:36
                            Whether neutrality and reasonable abundance are contradictory
Published on 2018-06-29 07:45:07
                            The stock market explains everything
Published on 2018-06-29 07:45:31
                            Can't understand, go down the wind
Comment on this topic
The post is gone! How to do?
Author: You will not be publishedlog in |5 seconds registration Author:, welcome to leave a messagedrop out |Post a new topic
                Tip: All information, comments, etc. published by users in the community represent only personal opinions, and have nothing to do with the position of this website, and do not constitute any investment advice for you. Users should make their own decisions on securities investment and bear the corresponding risks based on their own independent judgment."Review of Self-discipline Management Commitment"
Source: Daily News Author: Zhang Shoulin Editor: dongfangcaifuwang

The second quarter of the 2018 (the 81st) regular meeting of the Monetary Policy Committee of the People's Bank of China was held in Beijing on June 27.

It is worth noting that the meeting mentioned that a prudent monetary policy should remain neutral, be moderate and appropriate, manage the main gate of money supply, maintain a reasonable liquidity, and guide the reasonable growth of money and credit and social financing.

Comparing the “Monetary Policy Implementation Report” of the first quarter, we can find that the changes in the liquidity expression have also been formally changed from “keeping liquidity reasonably stable” to “maintaining sufficient liquidity”. (Recommended reading>>>About the renminbi, liquidity, foreign trade, this is the five major signals passed by the central bank in the second quarter of the regular meeting.)

Maintain ample liquidity

The meeting analyzed the economic and financial situation at home and abroad.

The reporter noted that the meeting pointed out that it is necessary to continue to pay close attention to the international and domestic economic and financial trends, and strengthen the pre-judgment of the situation and the prospective pre-adjustment and fine-tuning. Steady monetary policy should remain neutral, be moderate and appropriate, manage the main gate of money supply, maintain a reasonable liquidity, and guide the reasonable growth of money and credit and social financing.

We will continue to deepen the reform of the financial system, improve the dual-pillar regulatory framework for monetary policy and macro-prudential policies, and unblock the channels for transmission of monetary policy. In accordance with the requirements of deepening supply-side structural reforms, the financing structure and credit structure will be optimized to enhance the economic capabilities of financial services entities. Actively and orderly expand the financial opening up and enhance the vitality and resilience of the financial industry.

Earlier, the "China Monetary Policy Implementation Report" issued by the central bank (first quarter of 2018) pointed out that the implementation of a sound and neutral monetary policy, focus on guiding expectations, maintaining a reasonable and stable liquidity, and providing supply-side structural reform and high-quality development. Create a moderately moderate monetary and financial environment.

The change before and after is that this time, after the expression of the stable neutral monetary policy, it is clearly stated that “the tightness is moderate”, which was not available last time.

Changes in the formulation of liquidity have also been formally changed from “keeping liquidity to be reasonably stable” to “maintaining sufficient liquidity”.

It is worth noting that the Central Bank's Monetary Policy Committee in the fourth quarter of 2017 pointed out that the implementation of a sound and neutral monetary policy, effectively control the main gate of money supply, comprehensive use of multiple monetary policy tools, to maintain a reasonable scale of money and credit and social financing Growth, maintaining a reasonable and stable liquidity, improving the efficiency of financial operations and serving the real economy, and effectively controlling the macro leverage ratio.

Among them, "effectively controlling the main gate of money supply" has now become "management of the main gate of money supply."

"Daily Economic News" reporter noted that on June 13 this year, the Fed announced another 25 basis points rate hike, but the Chinese central bank did not respond accordingly, but announced on June 24, since July 5 The target is lowered by 0.5 percentage points. Then on June 25th, the amount of re-loans and rediscounts for small-scale farmers was increased by 150 billion yuan, and the interest rate of small loans was reduced by 0.5 percentage points.

Zhang Shiyuan, chief economist of Southwest Securities, said in an interview with the Daily Economic News that the domestic economy is still in the process of structural adjustment and transformation and upgrading. Before the new economic momentum has not formed a good support, it needs reasonable liquidity. To protect the economic development.

The structural adjustment of the financial sector is now undergoing positive changes.

At the same time, the meeting said that China's current economic fundamentals are good, economic growth remains resilient, overall supply and demand are balanced, and growth momentum is accelerating. The pull of domestic demand on the economy is rising, the dependence on foreign trade is declining significantly, and the ability to cope with external shocks is enhanced. The sound and neutral monetary policy has achieved good results, structural de-leverage has been steadily advanced, financial risk prevention and control has achieved initial results, and financial support for the real economy has been relatively stable. There have been positive changes in the structural adjustment of the domestic economy and finance, but there are still some deep-seated problems and prominent contradictions. The international economic and financial situation is more complicated and faces some serious challenges and uncertainties.

The meeting also emphasized that we should conscientiously implement the spirit of the 19th National Congress of the Communist Party of China and the work report of the government in the new era of Xi Jinping's socialist economic thoughts, continue to follow the decision-making arrangements of the Party Central Committee and the State Council, and adhere to the general tone of steady progress. Comprehensively use a variety of monetary policy tools, grasp the strength and rhythm of structural de-leverage, promote stable and healthy economic development, stabilize market expectations, lay a good foundation for preventing and defusing financial risks, and defending against the bottom line of systemic financial risks.

The meeting was chaired by Yi Gang, President of the People's Bank of China and Chairman of the Monetary Policy Committee. Monetary Policy Committee members Lian Weiliang, Liu Wei (Ministry of Finance), Chen Yulu, Liu Guoqiang, Ning Jizhen, Guo Shuqing, Liu Shiyu, Pan Gongsheng, Tian Guoli Liu Shijin and Ma Jun attended the meeting.

  Related reports>>>

  Central Bank: Grasp the strength and rhythm of structural de-leverage, maintain ample liquidity

  The second quarter regular meeting of the central bank: a stable monetary policy to maintain neutrality

  Deep interpretation>>>

  Yi Gang first hosted the regular meeting of the central bank's monetary policy committee and released these signals.

  What did the Central Bank’s Monetary Policy Committee disclose in the second quarter?

  The liquidity of the insurance will be reasonable and sufficient.

  The central bank is expected to increase the open market currency in the second half of the year