Policy Guiding Monetary Market To Gradually Return To Normal Level

Central bank released today third quarter 2010 China monetary policy The executive report pointed out that the current price trend is still uncertain and needs to be strengthened. Inflation expectation management 。

The central bank report pointed out that the policy withdrawal of the economies is more cautious due to the uncertain factors of the global economic recovery. With the gradual expiry of the original stimulus measures, the developed economies began to introduce new economic stimulus measures, and the global liquidity and monetary conditions will continue to be relaxed. The main economic entities will continue to relax monetary stimulus expectations, 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.

Besides, Central Bank report It is pointed out that there is still structural upward pressure on prices in China. The price of domestic labor and service industries is 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. The central bank's third quarter urban household inventory survey showed that the residents' future price expectation index rose to 73.2%, which is at a relatively high level in the same period of history.

For the next stage of major policy ideas, the central bank will continue to implement moderately loose monetary policy, grasp the intensity, rhythm and emphasis of policy implementation, while maintaining continuity and stability of policies, enhance pertinence and flexibility, and continue to guide monetary conditions to gradually return to normal level according to the requirements of the development of the situation.

First, we should strengthen liquidity management and keep monetary and credit growth moderately. We should make comprehensive use of various monetary policy tools, rationally arrange the combination of monetary policy tools, term structure and operation intensity, strengthen liquidity management, maintain a reasonable and moderate liquidity of the banking system, and promote moderate growth of monetary credit. 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.

Two, we should increase financial support for the transformation of the mode of economic development and the adjustment of economic structure. We should conscientiously implement the credit policy of "helping and controlling", and adjust and optimize the credit structure. Effectively alleviate the financing difficulties of small enterprises, ensure the loan needs of key projects under construction, and strictly control loans to high energy consumption, high emission industries and overcapacity industries. Implement differentiated housing policy to promote healthy and stable development of the real estate market.

Three, we should steadily push forward the marketization of interest rates and further improve the RMB exchange rate formation mechanism. It is important to adhere to the market supply and demand and adjust it with reference to a basket of currencies. We will continue to dynamically manage and regulate the fluctuation of the RMB exchange rate in accordance with the floating interval of the announced foreign exchange market, and keep the RMB exchange rate basically stable at a reasonable and balanced level. We should strengthen monitoring and management of illegal and abnormal funds.

Four is to promote healthy development of the financial market.

In addition, we should continue to push forward the reform of fiscal and taxation systems, further relax investment and financing control, improve the income distribution structure, enhance the vitality of the private economy and increase the disposable income of residents.