• Recently visited:
Published on 2019-01-11 01:00:08 Share it web version
                                    The front page of the Securities Daily: How to read the "measure" of Yi Gang
Source: Securities Daily Author: Yan Yue

A few days ago, the central bank governor Yi Gang explained the “metrics” of sound monetary policy in an interview with the media and released a clear signal to the market. Overall, this year's prudent monetary policy requires both “degree” and “quantity”. The author believes that the current currency regulation is not only about "measures", but also about a "balance". This is an important prerequisite for reading the "measure" of Yi Gang.

What is the “balance” of sound monetary policy? The author believes that it means that the initial policy of monetary policy to serve the real economy and prevent financial risks cannot be changed, and it must be implemented consistently.

Last year, the three major battles started well, but we must also see that the economic operation has changed steadily and changed, the external environment is complicated and severe, and the economy is facing downward pressure. Under such an international and domestic situation, monetary policy must "targetedly and actively guide market expectations."

Monetary policy services The real economy must adhere to countercyclical adjustment. Therefore, Yi Gang said that (last year) financial support for the real economy did not weaken as the economic growth rate declined, but instead increased support, reflecting the adjustment of the counter-cyclical.

This year's economic situation is even more severe, so the central bank will put more emphasis on counter-cyclical adjustment, and various precise drip irrigation measures will be launched in due course.

In order to prevent financial risks, the Central Economic Work Conference not only emphasizes the need to prevent and resolve major risks, but also clearly adheres to the basic ideas of structural de-leverage to prevent abnormal fluctuations and resonance in financial markets.

Yi Gang’s explanation is that the prevention and resolution of financial risks should serve the main line of the supply-side structural reform, adhere to the general tone of the work of steady progress, and take into account the changes in the macroeconomic situation, balance the development between development and risk prevention. The relationship is resolutely set aside to prevent and resolve major risks.

By clarifying the "balance" of sound monetary policy, we can better understand the "measure" of Yi Gang.

Yi Gang said that the moderate degree of stable monetary policy is mainly reflected in the rationality of the total amount, the optimization of the structure, and the creation of a suitable monetary and financial environment for supply-side structural reform and high-quality development.

Furthermore, the "degree" of monetary policy is to be able to meet the needs of further improving and unblocking the transmission mechanism of monetary policy. Under the situation of greater downward pressure on the economy, a stable monetary policy should be significantly more positive. Since the beginning of this year, the central bank has expanded the scope of Pratt & Whitney's financial downgrade and lowered the standard by 1 percentage point, which reflects this policy.

With the adjustment of the “degree” of monetary policy, its “quantity” will naturally change accordingly. The expansion of the “quantity” of monetary policy needs to grasp three principles. One is to avoid excessive credit contraction and impact on the real economy, and to avoid “big flood irrigation” affecting structural de-leverage; the other is to ensure accurate drip irrigation. At the same time, the amount of money is moderate, and the effort to enhance the vitality of the micro-market entities; another is to maintain a certain amount of "quantity", which helps to unblock the transmission mechanism of monetary policy.

The industry expects that the central bank will not only have a 1 percentage point reduction in two implementations, but also implement the first targeted medium-term loan facility (TMLF) operation in late January. If the real economy, supply-side structural reforms, and risk prevention are indeed needed, the central bank will It is highly probable that the RRR will be implemented once a quarter, with the use of other monetary policy tools. Overall, this year's liquidity continues to be reasonably abundant and is not a problem.

In an article this year, the author emphasized that the stable monetary policy in 2019 will switch from the previous run to the lead mode. “Consolidation, enhancement, promotion and smooth flow” is the new requirement of the central government for the supply-side structural reform. The monetary policy transmission mechanism also needs to implement this policy. For investors, reading the “measures” of Yi Gang helps to make the right investment decisions.

  分析解读>>

  Yi Gang, President of the People's Bank of China, accepted the summary of media interviews

  Protect against black swan! Yi Gang’s heavy voice: keeping the stock market, bond market and foreign exchange market healthy and stable

  Yi Gang then "calls" to stabilize the market! Demanding to maintain the stable development of the bond market and the three major interpretations

Published on 2019-01-11 06:24:37
                                                What can I read and understand?
Published on 2019-01-11 06:32:17
                                                Stop stock index futures! ! ! Stop the roll! ! ! !
Published on 2019-01-11 06:32:32
                                                Interpretation is just your imagination!
Published on 2019-01-11 06:38:08
                                                This year's stock market seems to be relatively stable, or a stock market.
Published on 2019-01-11 06:07:53
                                                Hahahaha
Published on 2019-01-11 06:24:37
                                                What can I read and understand?
Published on 2019-01-11 06:32:17
                                                Stop stock index futures! ! ! Stop the roll! ! ! !
Published on 2019-01-11 06:32:32
                                                Interpretation is just your imagination!
Published on 2019-01-11 06:38:08
                                                This year's stock market seems to be relatively stable, or a stock market.
Published on 2019-01-11 08:27:15
                                                Good, long-term daily limit
Published on 2019-01-11 08:30:34
                                                It is a good thing to lower the standard, but it should be supervised whether the funds after the financial institutions are downgraded have reached the expected level.
Published on 2019-01-11 08:57:42
                                                The China Netcom Office issued the blockchain information service management regulations. The implementation on February 15th marks the specification and recognition of the blockchain application from the national level. The blockchain information service will be the same as the 5G technology application and will be highly valued by the country and lead the world. The stocks of real stocks that have real application of blockchain technology will be related to 5G.
Published on 2019-01-11 08:58:34
                                                Pledge can be, Guan Jian is pledged by a few folds of net assets. All refinancing must be regulated and cannot exceed net assets
Published on 2019-01-11 10:11:07
                                                This year will continue to maintain a reasonable and abundant liquidity.
Published on 2019-01-11 11:37:08
                                                Guide the stock market to the right path and realize the return on investment of stocks!
Published on 2019-01-11 11:41:12
                                                awesome
Published on 2019-01-11 11:42:43
                                                Easy to understand, still need to interpret?
Published on 2019-01-11 13:06:06
                                                Adhering to the surprising development strategy of China's finance and economy: Locking the "real estate market"! Main attack on the "stock market"!
Reasons merit----capital----2018-07-03 (Copyright! Haha! Please enlighten me! Ha ha!)
Little croquet, all in control. Just follow the "dao"! Follow the "reason"! Will be able to build "gong"! Establish "German"! Oh
Published on 2019-01-11 13:31:42
                                                The three major indexes of the US stock market are flying together, the trend is basically synchronized, and more than 80% of the stocks are rising. The vast majority of investors per share have won for nine consecutive years. This is the way the United States is profiting through the stock market – building confidence – expanding consumption – driving the economic recovery of the economy, which is worth learning from.
Published on 2019-01-11 14:42:54
                                                Reading Yi Gang’s “measures” can help make the right investment decisions.
Published on 2019-01-11 15:29:50
                                                Just as the insurance clause explains the right to the insurance company.
Published on 2019-01-11 22:20:18
                                                Steady monetary policy
Published on 2019-01-22 16:38:55
                                                Currency measure
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 outPost a new topic
            Tip: All information, comments, etc. published by users in the community represent only personal opinions, and are not related to 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"