China News Service, Beijing, October 14 (Reporter Wei Xi) The People's Bank of China held a financial statistics release conference for the third quarter of 2020 in Beijing on the 14th.

Sun Guofeng, Director of the Monetary Policy Department of the Central Bank, said that the current peak of the epidemic's impact on the economy has passed, but the international situation we face is still complicated and severe.

China's economic operation is in a critical period of transition to high-quality development. Monetary policy adheres to the steady orientation, more flexible and appropriate, and more precise.

Data map: People's Bank of China.

China News Agency issued Yang Mingjing photo source: CNSPHOTO

　　Sun Guofeng said that since the beginning of this year, the People's Bank of China has grasped the intensity, rhythm, and focus of regulation based on the characteristics of epidemic prevention and control and different stages of economic and social development, and has achieved remarkable results.

The growth rate of broad money M2 and the scale of social financing was significantly higher than that of the previous year. The financing cost of the real economy has been significantly reduced, which strongly supports the real economy. China will become the only country with positive growth in this year's major economies.

　　Since the beginning of this year, the People's Bank of China has cut its RRR three times, releasing a total of RMB 1.75 trillion in long-term liquidity, supporting the reasonable growth of money and credit, and meeting the needs of serving the real economy.

Sun Guofeng said that from the perspective of long-term, short-term and medium-term liquidity, the liquidity of the banking system is maintained at a reasonable and sufficient level.

　　Regarding the level of interest rates, Sun Guofeng said that in recent months, the central bank’s policy rate and loan market quote rate (LPR) have remained stable, and the level of interest rates generally matches the current economic fundamentals.

In the next stage, the central bank will comprehensively use a variety of monetary policy tools in accordance with changes in the situation, maintain reasonable and sufficient liquidity, and support the reasonable growth of money supply and social financing.

　　In the recent appreciation of the RMB against the U.S. dollar, Sun Guofeng believes that "the overall appreciation is relatively moderate."

The slight appreciation of the RMB exchange rate is a natural reflection of China's economic orientation.

China’s export situation is good. Long-term foreign capital, including central banks, has flowed into RMB assets in an orderly manner. It is normal for the RMB exchange rate to appreciate due to market supply and demand.

　　Sun Guofeng said that since the beginning of this year, the RMB exchange rate has been floating in both directions based on market supply and demand, with enhanced flexibility, stable market expectations, orderly cross-border capital flows, stable operation of the foreign exchange market, and a balanced market supply and demand. The risk reserve ratio was lowered to zero.

In the next step, the People's Bank of China will continue to maintain the flexibility of the RMB exchange rate, stabilize market expectations, and keep the RMB exchange rate basically stable at a reasonable and equilibrium level.

(Finish)