Origin: Small letter of Chinese people bank
Point one
Financial system answers early, action fast, essence uses strategy definitely
In the adamancy of the Party Central Committee that is core with Xi Jinping's secretary-general the leader falls, our country epidemic situation prevents the situation that accuse to last to good, yield of answer of go back to work rises continuously, people life order is restoring steadily. Prevent in the light of epidemic situation control the demand that with the enterprise answer of go back to work produces, financial system is determined the decision-making deploy according to the Party Central Committee, the State Council, answer early, action fast, essence uses strategy definitely, published a series of significant policy step quickly.
Be operated through accurate open market and directional fall accurate, offer short-term the long-term fluidity in mixing, maintain bank system liquidity reasonable and abundant, money market is decisive last to move smoothly after reopen after a cessation of business as scheduled.
What establish 300 billion yuan in time is special borrow money with what increase 500 billion yuan again again rediscount forehead is spent, strong choice supports epidemic situation to prevent definitely accuse and answer of go back to work is produced.
Affect to sufferring after epidemic situation happening jointly with the branch such as the silver-colored meeting that keep watch bigger in the policy that loan of small small company, civilian battalion business offers exhibition period and add to borrow, help these enterprises maintain cash to shed stability.
Guide be issued to lower levels of market money rate actively, cogent the financing cost that reduces hypostatic economy.
Policy combines a fist to producing remarkable result, system of our country banking moves overall and smooth, money market expects stability, monetary credit grows more quickly smoothly, national economy endured epidemic situation concussion, the stability that also is global economy finance made significant contribution.
In the process of beat back epidemic situation, servive routine of a lot of finance needs to rush to undertake in a gleam of, the staff member of financial industry also gave hard work for this, paid very great sacrifice even. End at present, financial system had shared 1137 staff members to be affected, among them 42 people misfortune dies.
Financial system insists to strengthen the construction of the leader of the party and party from beginning to end, let party flag be in a gleam of of epidemic situation of financial beat back is high and flying, each district emerge in large numbers gives a lot of outstanding communists, advanced character and typical achievement, explained with real operation " do not forget first heart, remember a mission well " oath.
Our country epidemic situation is prevented accuse a situation overall and smooth, hypostatic economy activity is improved stage by stage, chinese economy did not change for a long time to nice main area. Financial system will according to have policy already frame and commercialize, the fundamental that law changes, accurate hold epidemic situation to prevent accuse to change with sex of economic situation phase, because of when because of situation adjust policy strength, rhythm and key. We will be prevented according to Chinese epidemic situation those who accuse to develop with economy is actual, take an active part in international collaboration, answer the challenge that sophisticated topological features brings.
Point 2
CPI rose Feburary have situation of whole of prices of feature of structural sex, level sex to will tend alleviation
Annual CPI rose compared to the same period 2019 2.9% , pull using the ingredient that rise basically is structural sex, because pork is mixed,place of supply deficiency of price of other part provision brings about. Come on stage in succession as departmental door maintain the policy that offers certain price, undertake actively expectant introductory, 2019 inflationary anticipation is stability. 2020 1, CPI rose compared to the same period Feburary 5.3% , this has structural sex factor already pull move, at the same time overlay the epidemic situation influence to supply. Have the feature that structural sex rises already, also have the feature that level sex rises.
Prevent as our country epidemic situation accuse a situation to last to good, national economy go back to work answer produce advance in order, supply of production and commodity is being improved stage by stage. The situation of prices whole will tend gradually alleviation, in 2 quarters, 3 quarters, four quarters predicting conference appears the posture that chases season to drop.
At present our country macroscopical economy moves smooth, total supply and total demand are balanced basically, so nonexistent long-term inflation perhaps understands the basis that shrink. 2020, firm monetary policy can be paid attention to more agile and measurable, want to maintain the basic stability of prices already, resonance of occurrence overlay of the risk with contractive credence and economic be issued to lower levels can be on guard again in the meantime, had handled steady growth, windbreak danger and the integrated balance that control inflation to concern.
Point 3
The international such as Monetary Fund of active support G20, international is multilateral platform and orgnaization continue to develop policy to coordinate action
Chairman Xi Jinping emphasizes the mankind for many times is community of a destiny. International epidemic situation diffuses spread to bring very big impact to economy and finance, world each country is badly in need of waiting for macroscopical policy respect to strengthen international to coordinate in monetary policy of communal and wholesome policy, trade policy, finance, promote international answered harmonious sex and effectiveness in the round jointly.
Since epidemic situation happening, people bank uses multilateral, area and bilateral channel actively, with international organization and main Central Bank strengthen policy to coordinate. Yi Gang's president liquidates bank general manager several times with president of international Monetary Fund Ms. Geaoerjiyewa, international Mr Kasitengsi, beautiful couplet store chairman Bao Wei Mr Er, how to answer epidemic situation influence effectively to compare notes with respect to monetary banking policy. Active to G20 Central Bank of each economy system and orgnaization of main international finance report epidemic situation influence and answer a circumstance effectively, get the positive response of international society.
The international such as Monetary Fund of our support G20, international is multilateral platform and orgnaization continue to develop the positive effect with respect of crisis help somebody in danger or difficulty is coordinated in policy, prevent effectively control impact of international epidemic situation, maintain global economy and money market stability.
Point 4
Our country money market showed high stability to undergo the test with international turbulent money market
Suffer epidemic situation of near future international to diffuse spread influence, international money market is turbulent aggravate. Euramerican dropped already on average with the stock market of system of a lot of rising market economy 30% the left and right sides. But conclude the whole world had entered financial crisis to still be vogue at present early. International banking crisis has 3 main features normally: It is to whether be put in international money market to cross the last panicky sex of the market to drop; 2 it is to whether appear many financial orgnaization, especially orgnaization of systematic value finance closes down; The 3 hypostatic economy that are the whole world moved to whether be played havoc with. Current, be aimed at the aggravate with international turbulent money market, a lot of countries came on stage in succession a few answer measure, the effect of these measure still remains to observe.
Come up from theory tell, the queasy meeting of international money market passes 3 basic conduction channel, may affect the money market of our home. It is the pessimism outside the condition anticipates conduct; 2 it is international capital pours out of channel; 3 it is aggravation of balance sheet of orgnaization of the finance outside a few enterprises that cross a state and condition, also may conduct domestic money market.
At present Chinese money market moves overall and smooth, the market anticipates stabler, the space of macroscopical policy and tool reserve are enough. such, it is to be on guard dissolve battle of significant risk assault fortified positions, sex of supply side structure is advanced to reform in financial domain, and financial industry high level enlarges distensible effect, enhanced the dovish sex of Chinese banking system greatly. 2 it is money market decisive as scheduled after reopen after a cessation of business move smoothly, safe also stability runs the infrastructure of of all kinds money market, strengthened investor confidence greatly. 3 it is epidemic situation happening later, firm monetary policy is paid attention to agile and measurable, early answer, quick action, finance superintends policy to also reach the designated position effectively quickly, compare to sufferring epidemic situation to affect especially to hypostatic economy large area and in small the choice that enterprise of small, civilian battalion gave great strength allows to support, stabilized economy.
Next, should be in finance of the State Council appoint the work that two sides had done below the leader: It is mix according to established guiding principle already the thing that some policy framework will come to had done his. We have the world's most wholesale credit market and dimensions of foreign exchange reserve, have market of the 2nd big stock market of world, bond and insurance market, the stability that maintains good China money market is stable to global finance significant contribution. 2 it is to take an active part in the international of macroscopical economic policy to coordinate. Strengthen what move to international money market to monitor, be analysed deep and grind sentence the underlying law with epicycle international queasy finance, china of combinative early days is in the policy experience that answers epidemic situation respect, the international that is economic policy in time is harmonious offer constructive opinion. In the meantime, compare to sufferring epidemic situation to affect jointly big, encounter the developing country with very big difficulty to have multilateral international help somebody in danger or difficulty, maintain the stability of global money market jointly.
Point 5
Monetary policy action realizes structural sex " firm economy " " firm finance "
It is 300 billion yuan special borrow money to already supported again exceeded 5000 epidemic situation to prevent control key company, the loan of favourable interest rate that the enterprise obtains had exceeded 200 billion yuan, actual financing cost has 1.27% to control only. The M2 Feburary grows 8.8% compared to the same period, social financing dimensions put a quantity to grow 10.7% compared to the same period, these two index had reflected us well orientaton of this one monetary policy.
2 it is 500 billion yuan borrow money again, rediscount policy already the favourable interest rate that accumulative total support extended to exceed 130 billion yuan borrows money, the interest rate standard of loan is clear also under the requirement of 4.55% .
3 it is to guide be issued to lower levels of market money rate actively, business loan is actual interest rate level also is in drop apparently. Feburary, average loan interest rate is 5.49% , than 0.61 percent dropping before LPR is reformed.
In structural sex strong support issues the monetary policy, policy that adds liquidity and the policy that conduct be issued to lower levels of market money rate, hypostatic economy lasts to since March good, reckon in the 2nd quarter each economic norms can appear to be improved significantly. Economy can return China more quickly to yield potentially around.
Leave one stage, it is the strength that wants grading to hold monetary policy, rhythm and key, maintain liquidity from beginning to end reasonable and abundant, should realize M2 and social financing dimensions to add especially fast add with nominal GDP fast match basically, and slightly a few taller. 2 it is sex of sufficient play fine structure monetary policy is individual action. Guide financial orgnaization particularly right what the core business of industrial catenary and fluctuation swim is medium small enterprise of small, civilian battalion increases credit to support strength. Had applied further directional those who fall to reach pair of share-holding system banks definitely is additional and directional fall accurate, produce drive guiding effect. 3 it is to want to produce effect of policy sex finance adequately. Had used the special line of credit of bank of sex of 350 billion yuan of policy, be opposite with favourable interest rate small go back to work of business of small, civilian battalion answer produce, the production of pig of the crucial domain that makes preparations for ploughing and sowing to spring ploughing, opposite, right foreign trade domain especially the credit support that the product production that international supplies chain gives great strength. 4 it is to should be increased small bank is compensatory in be opposite capital, issue financial bond support, credit of whole of farther promotion commercial bank puts in apiration and ability. 5 it is to should continue to push LPR reform, guide loan effective interest rate is constant be issued to lower levels. Guide bank system actively to let benefit substance economy appropriately, let " firm economy " and " firm finance " implementation win-win.
Point 6
Market of our country bond moves market of overall and smooth bond direct financing mechanism produced main effect
Will look at present, epidemic situation did not bring about rate of break a promise of market of our country bond to rise directly, the exterior concussion with international turbulent money market also did not cause the tremendous wave motion of market of our country bond. Market of our country bond moves current and overall smooth. Since Feburary, dimensions of bond market break a promise is maintained in normal level, among them first the domestic number of enterprise of break a contact is compared the corresponding period decreased apparently last year.
Since epidemic situation happening, people bank coachs the market between the bank trades the work that trade association did 3 sides, obtained remarkable result. It is to want fast. Establish bond to register issue " green passageway " , to getting epidemic situation the influence compares big company, in issue link respect to provide fast service, dissolve the continue venture that company capital may appear effectively. Feburary, the business is total the dimensions that issues bond is 750 billion, this dimensions had been last year of the corresponding period 2 times much. 2 it is to should facilitate. Lengthen the period of validity that register and puts on record, at the same time derate bond issues register, trade and the concerned charge of mandatory respect. 3 it is the risk of break a contact that takes a variety of methods to dissolve a likelihood to appear ahead of schedule. Insisting to commercialize, on the basis that law changes a fundamental, begin the work such as the exhibition period of bond, displacement to having the company of demand. Since Feburary, the market between the bank has had probably 5.1 billion yuan bond finished diversity deal with. Afore-mentioned measure make market of our country bond direct financing mechanism produced very significant effect in special period, market whole circumstance also is stable.
Next, people bank can continue to pay close attention to suffer epidemic situation affect greater traditional service course of study, labor is concentrated model manufacturing industry, traffic is carried and the management circumstance of business of industrial catenary core, continue to perfect bond beak a contract deal with mechanism, cogent the stability that maintains bond market, prevent for epidemic situation at the same time accuse and answer of go back to work is produced provide stronger direct financing support.
Point 7
Chinese economy can is opposite for a long time to very main area stability of RMB exchange rate is formed strong prop up
Since this year, euro devalues to the dollar 4.7% , pound devalues to the dollar exceeded 12% . The RMB devalues to the dollar 1.8% , index of CFETS RMB exchange rate still appreciates somewhat.
On the whole, predicting RMB is in to dollar exchange rate 7 yuan of around fluctuation are fluctuant, have demote have litre, continue two-way float, foreign currency market moves smooth, exchange rate expects stability.
Look for a long time, RMB exchange rate goes situation depend on economy is basic face. Prevent as domestic epidemic situation accuse a situation to last to good, yield of answer of go back to work promotes continuously, chinese economy can is opposite for a long time to nice main area stability of RMB exchange rate is formed strong prop up. Meanwhile, difference of this foreign currency benefit still is in appropriate interval, chinese foreign exchange reserve is stabilized amply, these are RMB exchange rate to be stabilized continuously offerred strong prop up.
