China News Service, June 28, according to the central bank's website, the People's Bank of China Monetary Policy Committee's second quarter of 2020 (89th total) regular meeting was held on June 24 in Beijing. The meeting analyzed the economic and financial situation at home and abroad. The meeting held that the impact of the new coronary pneumonia epidemic on my country's economy is generally controllable, my country's economic growth remains resilient, and the fundamentals of its long-term improvement have not changed.
Data figure: Textile company employees are working on production processes. Indeed Hure
The meeting believed that a sound monetary policy embodies the requirements of forward-looking, targeted and counter-cyclical adjustment, strongly supports epidemic prevention and control, resumption of production and real economy development, effective prevention and control of financial risks, and the quality and efficiency of financial services in the real economy. Promote. The effect of the reform of the loan market quotation interest rate has been shown, the efficiency of currency transmission has increased, the loan interest rate has dropped significantly, the RMB exchange rate has generally stabilized, the two-way floating elasticity has increased, and the ability to respond to external shocks has increased. At present, the domestic overall epidemic prevention and control and the resumption of production have achieved major stage results, and various economic indicators have marginally improved, but the global epidemic situation and the world economic situation are still grim and complex. Risks and challenges.
The meeting pointed out 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 your own thing well. To innovate and improve macroeconomic regulation and control, the prudent monetary policy should be more flexible and appropriate, and support the recovery and sustainable development of the real economy in a more prominent position. Adhere to the appropriate aggregate policy, promote the virtuous cycle of finance and the real economy, and fully support the work of "six stability" and "six guarantees".
The meeting proposed to comprehensively use and innovate multiple monetary policy tools to maintain reasonable and sufficient liquidity. Effectively play the role of precise drip irrigation of structural monetary policy instruments, improve the “directness” of policies, continue to make good use of 1 trillion yuan of inclusive refinancing re-discount quotas, implement newly created direct physical instruments, and support eligible places The corporate bank implements deferred principal and interest repayment and credit loans for inclusive small and micro enterprise loans. Deepen the structural reform of the financial supply side, guide the services of large banks to sink, promote small and medium-sized banks to focus on their main businesses, and improve the modern financial system with high adaptability, competitiveness, and inclusiveness.
The meeting requested that efforts should be made to break through various barriers for currency transmission, continue to unleash the potential for reforms to promote loan interest rate reduction, guide financial institutions to increase support for the real economy, especially small and micro enterprises, and private enterprises, and increase loans and credit for small and micro enterprises. Proportion of loans and manufacturing loans, and strive to make financial support for private enterprises compatible with the contribution of private enterprises to economic and social development, promote the supply system, demand system and financial system to form a mutually supportive triangular framework, and promote the formation of domestic circulation A new pattern of dual-cycle development between the main and international and domestic mutual promotion. 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 open conditions.
The meeting emphasized that we should closely follow the goal of building a well-off society in an all-round way, coordinate the advancement of epidemic prevention and control and economic and social development, and adhere to the general tone of steady progress under the normalized epidemic prevention and control conditions. Increase macroeconomic policy adjustment, focus on stabilizing enterprises to secure employment, do a good job of "six stability", and fully implement the "six guarantees" task. Improve financial, monetary, and employment policy coordination and transmission implementation mechanisms to effectively hedge the impact of the epidemic on economic growth. Deepen the market-oriented reform of interest rates, orderly advance the conversion of the stock floating rate loan pricing benchmark, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Fighting hard to prevent and resolve financial risks, grasp the effective balance between maintaining growth and preventing risks, pay attention to reducing risks in reform and development, and keep the bottom line that no systemic financial risks occur.