Chinanews.com, Beijing, April 1st (Reporter Li Jinlei) Digital RMB can realize cross-border transactions; the pressure of rising housing prices in some hot cities is still relatively large; "lottery gift loans" and "cemetery loans" challenge social pain points; monetary policy must be stable Put your words on top, keep your concentration...
On April 1, the State Council Information Office held a press conference. Many officials from the central bank responded to recent hot topics and released important signals.
The digital renminbi payment test enters the Shanghai Metro.
Photo by Zhang Hengwei
Digital RMB can enable cross-border transactions
More and more central banks in the world are participating in the research and development of their own digital currencies. At the same time, the price of Bitcoin has risen sharply, which makes the market very interested in the digital renminbi.
Wang Xin, director of the Research Bureau of the People’s Bank of China, said that my country’s digital renminbi is mainly designed for domestic retail payments, but when conditions are ripe, if there is such a demand in the market, using digital renminbi for cross-border transactions can also be achieved. of.
He said that in the early stage, the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority conducted technical tests on the cross-border use of digital renminbi in the Mainland and Hong Kong. This is a routine R&D test of the renminbi pilot.
In China, the digital renminbi is being tested in many regions, including the use of it in the Winter Olympic Games. There are more and more test scenarios for the digital renminbi.
Data map: Aerial photography of the real estate project on the west coast of Haikou.
Photo by Luo Yunfei
The pressure of rising housing prices in some hot cities is still great
Zou Lan, director of the Financial Markets Department of the People's Bank of China, said that my country's financial risks have been accumulated over many years and are a result of the superposition of institutional, institutional, periodic and behavioral factors.
Zou Lan pointed out that, in particular, the impact of the current epidemic is uncertain, the macro environment is still complex and severe, the fluctuations of international capital flows are relatively large, external shocks trigger fluctuations in the domestic financial market, and the stock market, bond market and commodity markets are facing the risk of oscillations. The large-scale enterprise groups in China are still in the period of risk exposure, medium and low-qualified enterprises are still facing financing difficulties, and the risk of debt default is relatively high.
The pressure of rising housing prices in some hot cities is still relatively high, and potential risks such as debt defaults by highly leveraged small and medium-sized real estate companies are also worthy of continued attention.
He said that in the face of these risks, the next step is to prevent and resolve financial risks into a normalized stage. Financial management departments will continue to focus on key areas and do their best to resolve existing risks. At the same time, they will continue to improve the construction of systems and mechanisms and improve the prevention of financial risks. The early warning system enhances the forward-looking, overall and proactive nature of financial risk prevention and control, firmly holds the bottom line of preventing systemic financial risks, and creates a sound financial environment for sustained economic recovery and high-quality development.
Color gift loan data map.
Criticizing "City Gift Loan" and "Graveyard Loan" is a challenge to society's pain points
The “credit gift loan” and “cemetery loan” launched by individual banks have recently aroused heated discussions in the society.
In this regard, Zou Lan said that individual banks, under the banner of so-called financial innovation, challenged social pain points, led residents to over-debt, touched the bottom line of social public order and good customs, and broke away from their duties of financial services to the real economy.
But at the same time, this kind of loans is actually consumer loans, which are used to promote customer acquisition by creating gimmicks. This also reflects the lack of service capabilities of some small and medium-sized banks and some difficulties faced by financial development.
"Even though it is an individual bank, we think it should also pay enough attention to this issue, we have three considerations." Zou Lan said.
Specifically, first, we must continue to urge banking financial institutions to adjust and optimize the credit structure, invest more funds in the real economy such as small, medium and micro enterprises, and insist on serving the real economy.
Second, the People's Bank of China will cooperate with the China Banking and Insurance Regulatory Commission to implement effective supervision and guidance on product innovation and business access of small and medium-sized banks.
Support banks to innovate targeted products and services based on the actual needs of the real economy under the premise of controllable risks and prudential compliance, and promptly correct practices that are contrary to public order and good customs and run counter to the country's major policies.
Third, to take multiple measures to effectively improve the ability of small and medium-sized banks to serve the real economy, it is still necessary for them to be able to lend, willing to lend, and able to lend.
Data map: Pedestrians pass by the People's Bank of China.
Photo by China News Agency reporter Zhang Xinglong
Monetary policy must be steady and steady
Recently, U.S. bond yields have risen, breaking through 1.75% at one time, pushing the appreciation of the U.S. dollar. The U.S. dollar index has risen by about 2.4% year-to-date. Affected by this, the risks of debt repayment and refinancing in some emerging economies have increased, and the pressure on currency devaluation has increased. The economy has raised interest rates and financial markets have experienced certain fluctuations.
Sun Guofeng, Director of the Monetary Policy Department of the People's Bank of China, pointed out that whether it is the Fed's large-scale monetary stimulus measures launched last year or the Fed's future monetary policy adjustments, the impact on China's financial markets will be relatively small.
In fact, in the recent global financial markets, especially the financial markets of emerging economies, where the financial market has been operating steadily, the RMB exchange rate has fluctuated in both directions, and the 10-year treasury bond yield is currently around 3.2%, which is still down from the previous period.
The positive effects of my country's normal monetary policy are emerging.
He said that in the next step, the key is to do well in his own affairs. Monetary policy must be steady, steady, and cherish the normal monetary policy space. At the same time, pay close attention to changes in the international financial situation and increase the flexibility of the RMB exchange rate. Carrying out the coordination of international macro policies, maintaining the leading position of macro policies, and also happy to see other economies seeking to return to normal monetary policies, which will help promote the long-term healthy development of the global economy.
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