Central Bank: Continue To Implement Moderately Loose Monetary Policy &Nbsp; Pay Attention To Inflationary Pressure.

The report points out that the current price trend is uncertain and still needs to strengthen the management of inflation expectations.

The international economic recovery is relatively slow. China's economic growth is relatively fast. Inflation expectations and upward pressure on prices can not be ignored.

Affected by the uncertain factors of recovery, the policy withdrawal of the economies is more cautious. With the gradual expiry of the original stimulus measures, the developed economies begin to introduce new economic stimulus measures, and the global liquidity and monetary conditions will continue to be relaxed. The main economies will continue to relax the strong expectation of monetary stimulus, and a large amount of capital may flow into the fast growing emerging economies.

Under the background of abundant liquidity and strong inflation expectations, surplus funds will inevitably seek various ways and exports, and the potential inflationary pressures must be highly concerned.

In addition, there is structural upward pressure on prices.

At present, the prices of domestic labor and service industries are rising, the cost of resources and environmental protection is increasing, and the prices of resource products need to be straightened out, all of which may affect inflation expectations.

According to the report, the people's Bank of China will continue to implement moderately loose monetary policy in the next stage, and continue to guide monetary conditions to gradually return to normal level.

We should strengthen liquidity management and keep monetary and credit growth moderately.

We should not only meet the reasonable demand for funds for economic development, but also create a favorable monetary environment for the basic stability of the general price level and manage inflation expectations well.

We should guide the financial institutions to arrange the progress and rhythm of the next phase of loan according to the requirements of macro control and the credit demand of the real economic departments.

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We should steadily push forward the marketization of interest rates and further improve the RMB exchange rate formation mechanism.

Enhance the role of price leverage regulation.

In line with the principle of RMB exchange rate formation mechanism reform and further improving the RMB exchange rate formation mechanism, we must adhere to the market supply and demand and adjust it with reference to a basket of currencies.

We should keep the RMB exchange rate basically stable at a reasonable and balanced level.

We will continue to deepen the reform of the foreign exchange management system, promote the balanced flow of capital, standardize and improve the management of cross-border capital flows, and strengthen the monitoring and management of illegal and abnormal funds.

We should increase financial support for the pformation of the mode of economic development and the adjustment of economic structure.

Implement differentiated housing policy to promote healthy and stable development of the real estate market.

Strengthen risk warning for financial institutions and strengthen loan risk management of local government financing platform companies.

As regards the potential inflationary pressures pointed out in the report, we must pay close attention to the issue. The senior economist of Shandong Industrial Bank, Lu Zheng commissar, told the China Securities Daily reporter that there is a risk of asset bubbles in the future, and the possibility that the central bank will continue to raise interest rates is great.

In addition, for the future trend of monetary policy, Li Daokui, member of the central bank's monetary policy committee, has said that once the trend of economic downturn is curbed, the policy should turn to a steady or tight trend.

Jiao Jinpu, vice chairman of the central bank's Ministry of graduate affairs, also said that a prudent monetary policy should be adopted in the medium and long term.

In addition, the report shows that at the end of 9, the excess reserve ratio of financial institutions was 1.7%.

Among them, 1.4% of large Chinese funded banks, 1.1% of medium-sized Chinese banks, 2.4% of Chinese funded small banks and 4% of rural credit cooperatives.

In the third quarter, the total number of RMB cross-border investment and financing pactions was 107, amounting to 27 billion 400 million yuan.

As of the end of 9, the total number of RMB cross-border direct investment and other RMB cross-border investment and financing pactions in the pilot areas was 166, amounting to 30 billion 500 million yuan.

Among them, overseas RMB project financing has been lending 22 billion 400 million yuan.