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Central Bank: Monetary Conditions To Control Excessive Inflation

2011/1/7 10:19:00 51

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Central Bank Price Monetary Conditions

2011

People's Bank of China

The working conference was held in Beijing in from January 5th to 6th.

The meeting put forward

Stabilize prices

The overall level is placed on a more prominent position in financial macro-control, improving the pertinence of regulation and control, effectively managing liquidity, and controlling monetary conditions for excessive price rise.

We should implement a sound monetary policy and further strengthen macro Prudential Management.

We should control the total liquidity gate and guide the reasonable growth of the total amount of money and credit so as to maintain a reasonable scale of social financing.

According to the changes in the economic and financial situation and foreign exchange movements, we should comprehensively use the price and quantity tools such as interest rate, deposit reserve ratio and open market operation to maintain a reasonable and moderate liquidity in the banking system.

The implementation of differential reserve dynamic adjustment measures will guide monetary and credit growth smoothly and moderately.

Implementing differentiated housing credit policy and promoting

Real estate finance

Healthy development.

The central bank working conference has identified the main tasks of the current and future periods.

First, stabilize prices.

We should put the general level of stabilizing prices in a more prominent position in financial macro-control, improve the pertinence of regulation and control, effectively manage liquidity, and control monetary conditions for excessive price rise.

The two is to promote pformation.

In the adjustment of economic structure, we should give full play to the guiding role of monetary and credit policies, and focus on supporting domestic demand expansion, especially consumer demand, industrial structure optimization, regional coordinated development and urbanization, as well as energy conservation, environmental protection, ecological construction and coping with climate change.

At the same time, the financial industry itself should speed up the pformation of development mode, further promote the innovation of financial products and services, and invest more credit capital into the real economy.

The three is risk prevention.

We should pay close attention to the mechanism construction, improve the financing structure, establish a deposit insurance system, strengthen financial supervision and coordination, and establish and improve a systemic financial risk prevention and early warning system and disposal mechanism.

We should build an institutional framework for macro Prudential Management of counter cyclical finance, while constantly paying attention to the use of traditional monetary policy tools, and constantly enrich and innovate the tools and means of macro Prudential Management.

We should intensify supervision over cross-border capital flows to prevent the massive inflow of abnormal foreign exchange funds.

The four is pushing reform.

Two aspects of overall consideration, deepening domestic financial reform and promoting international financial reform.

We should continue to promote the establishment of a modern financial enterprise system by financial institutions, and further improve and improve a diversified financial organization system.

We should actively and steadily push forward the marketization of interest rates, the reform of the RMB exchange rate formation mechanism and the capital account convertibility process, and steadily open wider to the outside world.

At the same time, we should continue to promote the reform of international financial institutions, promote the international community to strengthen the supervision of systemically important institutions, promote the consistency of international regulatory standards, and improve the pertinence and effectiveness of supervision.

The central bank working conference has deployed the main measures of the people's Bank of China in 2011:

First, we must implement a sound monetary policy and further strengthen macro Prudential Management.

We should control the total liquidity gate and guide the reasonable growth of the total amount of money and credit so as to maintain a reasonable scale of social financing.

The implementation of differential reserve dynamic adjustment measures will guide monetary and credit growth smoothly and moderately.

Adhering to the principle of "treating differently, having help and controlling", we should strengthen the guidance of credit policies, and strive to guide and promote the optimization of credit structure.

We should continue to optimize the financial ecology of small and medium-sized enterprises and broaden the financing channels for SMEs in many ways.

We should vigorously promote the innovation of rural financial products and services, and comprehensively improve and improve the financial services for agriculture, rural areas and farmers.

Implement differentiated housing credit policy and promote the healthy development of real estate finance.

Two, we should continue to intensify financial reform and promote the innovation of financial products.

We should do a good job in drafting the "12th Five-Year plan" for the development and reform of the financial industry.

We should steadily promote the marketization of interest rates and the reform of the RMB exchange rate formation mechanism.

Continue to cultivate the benchmark interest rate of money market.

We should strengthen the assessment of the interest rate pricing ability of financial institutions and guide them to enhance their risk pricing ability.

We should further improve the RMB exchange rate formation mechanism, give full play to the role of market supply and demand in the formation of exchange rate, adjust the basket currency, enhance exchange rate flexibility, maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and promote the basic balance of international payments.

We should accelerate the development of the foreign exchange market and promote the innovation of exchange rate risk management tools.

We will continue to promote the reform of financial institutions.

We will further promote the commercialization of the National Development Bank and further improve the corporate governance structure.

We will accelerate the reform of China's import and export bank and the China Export and Credit Insurance Corp.

We should expand the use of RMB in cross-border trade and investment, steadily expand the channels for RMB outflow and reflux, gradually establish and improve the cross-border payment and settlement network of RMB, and strengthen the monitoring of cross border payments and payments of RMB.

We will strengthen product innovation and standardize development in the interbank market.

Three, we must guard against systemic financial risks and maintain financial stability and security.

We should strengthen the monitoring, assessment and disposal of financial risks.

We should continue to strengthen the daily monitoring and analysis of banking, securities and insurance industries, and incorporate non bank financial institutions such as trust companies and financial companies into the monitoring system of local legal entities. We should increase the monitoring of new rural financial institutions, informal financing activities, financial holding companies and cross financial instruments, and formulate policies and measures for controlling financial holding companies and reduce the risks of financial institutions in China.

We should continue to do a good job in risk management of high-risk financial institutions.

We will continue to do well in China's first "financial sector assessment plan".

Closely monitor cross border capital flows.

We should improve the abnormal flow of cross-border capital to deal with the plan.

Four, we must advance the modernization of financial services and improve the level of financial services and management.

According to the new situation and new requirements, we should improve financial laws and regulations.

Strengthening financial statistics and macroeconomic analysis.

We should further strengthen the accounting supervision of the central bank.

Continue to promote the construction of payment system.

Give play to the role of science and technology service and guarantee.

Strengthen the management of money, gold and silver.

We should steadily promote the modernization of the Treasury.

Carry out financial research.

Accelerate the pace of building credit information system.

We should improve the anti money laundering system.

Five, we should deepen international financial exchanges and cooperation with Hong Kong, Macao and Taiwan.

Important platforms such as G20 summit, finance ministers and central bank governors are deeply involved in global economic governance and strengthen coordination with macroeconomic and financial policies of various countries.

We will push ahead with the reform of the fund share.

He is more widely involved in the work of the international financial standards setters, such as the financial stability Council and the Basel Banking Regulatory Commission.

We should strengthen cooperation with multilateral institutions such as the African Development Bank and the Pan American Development Bank, and continue to deepen financial cooperation with Hong Kong, Macao and Taiwan.