Zhongxin Finance, June 29. According to the central bank website on the 29th, the regular meeting of the Monetary Policy Committee of the People's Bank of China in the second quarter of 2022 (the 97th in total) was held in Beijing on June 24.

  The meeting analyzed the economic and financial situation at home and abroad.

The meeting held that since the beginning of this year, my country has insisted on coordinating epidemic prevention and control and economic and social development, effectively implemented macro policies, and stabilized the fundamentals of economic and social development to the greatest extent.

The prudent monetary policy should be flexible and appropriate, maintain continuity, stability and sustainability, scientifically manage market expectations, strive to serve the real economy, and effectively prevent and control financial risks.

The dividends from the reform of the interest rate quoted in the loan market continued to be released, the transmission efficiency of monetary policy was enhanced, the loan interest rate was stable with some decline, the RMB exchange rate was expected to be stable, and the flexibility of two-way floating was enhanced, which played the role of a macroeconomic stabilizer.

  The meeting pointed out that the current global economic growth is slowing down, inflation is running at a high level, geopolitical conflicts continue, and the external environment is becoming more complex and severe. Weak triple pressure.

  In accordance with the clear requirements of "the epidemic must be prevented, the economy must be stabilized, and the development must be safe", we must make overall plans to stabilize employment and prices, ensure stability and make progress while maintaining stability, strengthen inter- and counter-cyclical adjustments, and increase stability The implementation of monetary policy should be carried out, and the dual functions of monetary policy tools in terms of total amount and structure should be fully utilized, and active responses should be taken to boost confidence, provide stronger support for the real economy, and stabilize the macroeconomic market.

  We will further unblock the monetary policy transmission mechanism, maintain reasonably sufficient liquidity, enhance the stability of the growth of total credit, and keep the growth rate of money supply and social financing scale basically in line with the nominal economic growth rate.

Under the favorable conditions of stable and increased domestic grain production and stable operation of the energy market, the price level will remain basically stable.

  Structural monetary policy tools should be actively "additional", make precise efforts, increase support for inclusive small and micro loans, support small, medium and micro enterprises in stabilizing employment, and make good use of them to support clean and efficient utilization of coal, technological innovation, inclusive elderly care, and transportation. Special logistics re-lending and carbon emission reduction support tools, comprehensive policies to support regional coordinated development, and guide financial institutions to increase support for small and micro enterprises, technological innovation, and green development.

  Deepen the structural reform of the financial supply side, guide the service focus of large banks to sink, promote small and medium-sized banks to focus on their main responsibilities and main businesses, support banks to replenish capital, jointly maintain the stable development of the financial market, and improve the highly adaptable, competitive, and inclusive modern financial system.

  Improve the market-oriented interest rate formation and transmission mechanism, optimize the central bank's policy interest rate system, strengthen the supervision of deposit interest rates, focus on stabilizing the cost of bank liabilities, give play to the efficiency and guiding role of the loan market quotation interest rate reform, and promote the reduction of enterprises' comprehensive financing costs.

  Deepen the market-oriented reform of the exchange rate, enhance the flexibility of the RMB exchange rate, guide enterprises and financial institutions to adhere to the concept of "risk neutrality", strengthen the management of expectations, maintain a balance between internal and external equilibrium, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

  Build a financial system and mechanism to effectively support the real economy, improve the financial support innovation system, guide financial institutions to increase medium and long-term loans for manufacturing, focus on stabilizing the industrial chain and supply chain, and strive to achieve financial support for private enterprises and private enterprises for economic and social development. Contributions should be adapted to improve the green financial system with the goal of promoting carbon peaking and carbon neutrality.

  Safeguard the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development and virtuous circle of the real estate market.

Promote high-level two-way financial opening, and improve economic and financial management capabilities and risk prevention and control capabilities under open conditions.

(Zhongxin Finance)