"The primary task of China's monetary policy is to maintain price stability." Yi Gang, governor of the People's Bank of China, said at the Boao Forum for Asia 2022 annual meeting on April 22 that grain production and energy supply this year are very important to price stability.

Financial services attach great importance to agricultural production, as well as the production and import of important energy sources such as coal, oil, and natural gas.

As long as food production and energy supply are ensured, prices will stabilize within a reasonable range.

　　Earlier, on the evening of April 21, Yi Gang said at the 45th International Monetary and Financial Committee (IMFC) meeting that "the primary goal of China's monetary policy is to stabilize prices and employment."

　　Regarding Yi Gang's emphasis on "stabilizing prices" as the primary task and goal of my country's monetary policy for two consecutive days, Wang Qing, chief macro analyst at Oriental Jincheng, said in an interview with a reporter from "Securities Daily" that it was mainly based on two reasons: first, the recent Inflation in major economies such as Europe and the United States has hit a new high in decades. As a major economic power in the world, my country's central bank will inevitably pay close attention to this phenomenon. Second, there has been a rapid rise in international commodity prices such as grain and energy recently. Rising prices tend to drive up the prices of various commodities across the board.

　　Wang Qing said that in the current situation of high global inflation, the central bank emphasized that "the primary task of monetary policy is to maintain price stability", which shows my country's firm determination to maintain price stability.

At the same time, taking into account the overall moderate price situation in my country, this statement does not mean that the tone of monetary policy has changed.

　　Yi Gang said at the 45th International Monetary and Financial Committee meeting that price stabilization is inseparable from the support of monetary policy and the stability of the real economy.

In terms of monetary policy, the People's Bank of China has always maintained that the growth rate of money supply and social financing scale basically matches the nominal economic growth rate, and the market interest rate remains within a reasonable range.

　　Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, told the "Securities Daily" reporter that the monetary policy will continue to maintain a stable tone in the next stage, and give full play to the dual functions of the total amount and structure of monetary policy tools to provide support for the real economy.

　　"The recent multi-point spread of the epidemic has led to the blockage of local supply chains and industrial chains, and it is necessary to prevent the impact of supply blockage on domestic prices. At the same time, the international energy and raw material commodity prices have been 'high fever' for a long time, which may promote some upstream companies to transfer some of them to downstream terminals. Cost." Zhou Maohua said that while monetary policy is promoting the steady recovery of domestic demand, it is necessary to adopt more targeted policies to help enterprises bail out, smooth freight logistics, and improve supply efficiency.

　　Wang Qing predicts that my country's monetary policy will continue the basic orientation of marginal easing and timely strengthening in the process of stabilizing growth.

In the second quarter, while monetary policy focuses on structural policy tools, there is room for aggregate tools such as RRR cuts and interest rate cuts.

At the same time, considering that the RMB exchange rate has remained strong since the second half of 2021, and there is no basis for a sharp depreciation in the future, the Fed's accelerated monetary policy tightening will not constitute a substantial constraint on the flexible adjustment of domestic monetary policy.