Xinhua News Agency, Beijing, March 27 (Reporter Wu Yu) The People's Bank of China announced on the 27th that it is necessary to track changes in the world economic and financial situation, strengthen research and analysis of the international economic situation, strengthen international macroeconomic policy coordination, and concentrate on doing well. Your own business. In order to innovate and improve macroeconomic regulation and control, prudent monetary policy should pay more attention to flexibility and moderation, and put support for the recovery and development of the real economy in a more prominent position.
The Monetary Policy Committee of the People's Bank of China recently held the first quarter of 2020. The meeting analyzed the economic and financial situation at home and abroad. The meeting held that the impact of the new crown pneumonia epidemic on China's economy was generally controllable, that China's economic growth remained resilient, and that the fundamentals of long-term improvement remained unchanged. A prudent monetary policy reflects the requirements of forward-looking, targeted and counter-cyclical adjustments. It strongly supports epidemic prevention and control, resumption of production and the development of the real economy. The macro-leverage ratio is basically stable, effective financial risk prevention and control, and the quality of financial services for the real economy. And efficiency is gradually improved. The effect of the reform of the quoted interest rate in the loan market has shown that the actual interest rate of loans has dropped significantly, the RMB exchange rate has been generally stable, the two-way floating elasticity has increased, and its ability to respond to external shocks has increased.
The meeting held that the current situation of domestic epidemic prevention and control continues to improve, and the production and living order is accelerated. However, the downward pressure on the economy has increased, the spread of overseas epidemics and their adverse effects on the world economy have also brought to China's epidemic prevention and control and economic development. new challenge.
The meeting pointed out that it is necessary to use a variety of monetary policy tools to maintain reasonable and sufficient liquidity and maintain overall price stability. Effectively play the role of accurate drip irrigation of structural monetary policy tools, guide the focus of service of large banks, promote small and medium-sized banks to focus on their main business, and improve a modern financial system with high adaptability, competitiveness, and inclusiveness. Make great efforts to clear the transmission of monetary policy, continue to unleash the potential of reforms to reduce the real interest rate of loans, guide financial institutions to increase their support for the real economy, especially small and micro enterprises, and private enterprises, and promote the mutual support of the supply system, the demand system, and the financial system The triangular framework promotes the overall virtuous circle of the national economy. We will further expand the high-level two-way opening of finance and improve the ability of economic and financial management and risk prevention and control under the conditions of opening up.
The meeting emphasized that it is necessary to increase the counter-cyclical adjustment of macroeconomic policies, focus on stimulating the vitality of micro-subjects, and do a good job of the "six stability". We will improve mechanisms for the coordination and implementation of policies such as finance, currency, and employment to hedge the impact of the epidemic on economic growth. We will deepen the reform of the market-based interest rate reform, orderly promote the conversion of existing floating interest rate loan pricing benchmarks, and keep the RMB exchange rate basically stable at a reasonable and balanced level. Do a good job of preventing and defusing financial risks, balancing the relationship between stable growth, preventing risks, and controlling inflation, focusing on defusing risks during reform and development, and keeping the bottom line where systemic financial risks do not occur.