Zhongxin Finance, February 11. On the 11th, the central bank released the "China Monetary Policy Implementation Report (Q4 2021)", proposing that in the next stage, it will increase financial support for the real economy and continue to do a good job of "six stability". ” and “Six Guarantees” work to create a suitable monetary and financial environment to keep the economy operating within a reasonable range.
A prudent monetary policy should be flexible and appropriate, strengthen cross-cycle adjustment, give full play to the dual functions of monetary policy tools in terms of total volume and structure, and focus on making full, precise, and forward-looking efforts, and neither “flooding” , and meet the reasonable and effective financing needs of the real economy, focus on increasing financial support for key areas and weak links, and achieve a better combination of stable total volume and excellent structure.
First, we must maintain a stable growth in the total amount of money and credit.
Improve the money supply control mechanism, maintain reasonably sufficient liquidity, guide financial institutions to vigorously expand loan issuance, enhance the stability of the growth of total credit, maintain the growth rate of money supply and social financing scale basically match the nominal economic growth rate, and maintain macro leverage rate is basically stable.
Second, we must maintain the steady optimization of the credit structure.
Structural monetary policy tools are actively "additional", implement market-oriented policy tools to support small and micro enterprises, make good use of carbon emission reduction support tools and special re-lending to support the clean and efficient use of coal, and guide financial institutions to increase credit growth in areas with slow credit growth. We will increase the support for small and micro enterprises, technological innovation and green development with precise efforts.
The third is to promote the reduction of comprehensive financing costs for enterprises.
Improve the formation and transmission mechanism of market-oriented interest rates, give full play to the efficiency of the reform of interest rates quoted in the loan market, stabilize the cost of bank liabilities, and guide corporate loan interest rates to decline.
Fourth, keep the RMB exchange rate basically stable at a reasonable and balanced level.
Focusing on me, properly handling the balance between internal and external equilibrium, based on market supply and demand, enhancing the flexibility of the RMB exchange rate, giving play to the function of the exchange rate to adjust the macro economy and the automatic stabilizer of the balance of payments, strengthen the macro-prudential management of cross-border capital flows, and strengthen the Expectation management, and guide market entities to establish the concept of "risk neutrality".
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