Important Central Bank Report! It is related to the property market, deposit interest, RMB exchange rate

　　Zhongxin Finance, May 10 (Zuo Yukun) The central bank's latest statement on the next step to stabilize growth, employment, and prices is here!

　　On the 9th, the central bank released the "China Monetary Policy Implementation Report for the First Quarter of 2022".

Overall, monetary policy has taken the initiative to respond since the beginning of this year, making efforts to strengthen forward-looking, precision, and autonomy, and the quality and efficiency of financial services to the real economy has continued to improve, the report said.

Data map: People's Bank of China.

Photo by China News Agency reporter Zhang Xinglong

Comprehensive use of various monetary policy tools to maintain reasonable and sufficient liquidity

　　Since 2022, the monetary policy will take the lead in a stable manner, seek progress while maintaining stability, and make efforts based on changes in the macroeconomic situation, and comprehensively use RRR cuts, surrender of profits, medium-term lending facility (MLF), re-lending, re-discounting, open market operations, etc. We will release liquidity in this way, flexibly grasp the intensity and rhythm of open market operations, and maintain a reasonable and sufficient liquidity in the banking system.

　　Regarding the thinking of the next stage of monetary policy, the central bank said that a prudent monetary policy will increase support for the real economy, take the lead in stabilizing the word, take the initiative to respond, boost confidence, do a good job of cross-cycle adjustment, and

, and give full play to the dual functions of monetary policy tools in terms of aggregate and structure.

　　The central bank pointed out that the next step is to maintain stable growth in the scale of monetary credit and social financing.

We will pay close attention to changes in various international and domestic uncertain factors,

, further improve the forward-looking, flexibility and effectiveness of operations, and stabilize market expectations.

　　Improve the money supply control mechanism, continue to ease the three constraints of bank credit supply liquidity, capital and interest rates, cultivate and stimulate the credit demand of the real economy, guide financial institutions to make reasonable loans, enhance the stability of the growth of total credit, and maintain the money supply. The growth rate of social financing scale basically matches the nominal economic growth rate.

　　Improve the sustainable capital replenishment mechanism,

, and enhance the ability of banks to serve the real economy and prevent and resolve financial risks.

Data map: RMB.

Photo by Ai Qinglong

Banks can independently determine the actual adjustment range of deposit interest rates

　　In April 2022, the

member banks of the self-discipline mechanism refer to the bond market interest rate represented by the 10-year treasury bond yield and the loan market interest rate represented by the 1-year LPR. , and reasonably adjust the deposit interest rate level.

　　"Due to the fierce competition in the deposit market, in actual implementation, the interest rates of time deposits and large-denomination certificates of deposit of many banks are close to the self-discipline upper limit. This hinders the effective transmission of market interest rates to a certain extent, and it is difficult for deposit interest rates to follow changes in market interest rates." The central bank said that this The establishment of the mechanism can facilitate banks to track changes in market interest rates, enhance the market-based pricing capabilities of deposit interest rates, and maintain a healthy competition order in the deposit market.

　　The central bank stated that the establishment of a market-oriented adjustment mechanism for deposit interest rates focuses on further marketization of deposit interest rates, and the guidance to banks is flexible.

.

The People's Bank of China will give appropriate incentives to financial institutions that make market-based adjustments to deposit interest rates in a timely and efficient manner.

　　Judging from the actual situation,

, and some local corporate institutions have also made corresponding reductions.

According to the latest survey data, in the last week of April (April 25-May 1), the weighted average interest rate of new deposits in financial institutions nationwide was 2.37%, down 10 basis points from the previous week.

Keep the RMB exchange rate basically stable at a reasonable and balanced level

　　In late April, the sharp drop in the exchange rate of the RMB against the U.S. dollar aroused concern.

In this regard, the central bank stated that it will steadily deepen the market-oriented reform of the exchange rate, improve the managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies,

of the RMB exchange rate, and give full play to the exchange rate adjustment of the macro economy and the automatic stability of the international balance of payments. device function.

　　We will strengthen expectation management and keep the RMB exchange rate basically stable at a reasonable and balanced level.

Develop the foreign exchange market, guide enterprises and financial institutions to establish the concept of "risk neutrality", improve enterprise exchange rate risk management services, and guide financial institutions to actively provide exchange rate hedging services for small, medium and micro enterprises based on the principle of actual demand and the principle of risk neutrality, and reduce the risk of enterprises avoiding risks. Insurance and value preservation costs, strengthen the risk management of its own foreign exchange business, and maintain the stable and healthy development of the foreign exchange market.

　　At the same time, we must pay

.

RMB and US dollar infographic.

Photo by China News Service reporter Li Jinlei

Beware of imported inflationary pressure brought about by rising international commodity prices

　　The central bank pointed out that the price situation in the first quarter of this year was generally stable.

Driven by factors such as the continuous fall in domestic pork prices, the CPI growth rate remained relatively low in the first quarter. In the future, the CPI operation center may rise moderately compared with the previous year, and it will continue to operate within a reasonable range.

　　may continue to decline in the future

.

　　In general, China's economic operation remains within a reasonable range, the supply of industrial and agricultural products and services is generally abundant, consumption and investment demand are still recovering, and the

.

Support local governments to improve real estate policies based on local realities

　　The central bank also expressed its position on the next phase of the real estate credit policy.

We must firmly adhere to the positioning that houses are for living in, not for speculation, insist not to use real estate as a short-term means of stimulating the economy, adhere to stabilizing land prices, housing prices, and expectations, and prudently implement the prudent management system for real estate finance.

　　At the same time,

, increase financial support for housing leasing, safeguard the legitimate rights and interests of housing consumers, and promote the healthy development and virtuous circle of the real estate market.

(Finish)