Two Sessions Of The Central Bank Put 10 Big Strokes "Dry Goods" To See 2016 Internet And Other Policy Signals

In the country every year

All kinds of press conferences are important ways to convey policy signals.

On the morning of March 12th, the governor of the people's Bank of China Zhou Xiaochuan, vice president Yi Gang, vice president and director of the State Administration of foreign exchange Pan Gongsheng and vice president Fan Yifei went to the center of the center for the answers to questions raised by Chinese and foreign journalists on the issues related to financial reform and development.

The contents of the conference were sorted out and found.

The big guys talked not only about monetary policy, foreign exchange market, cross border capital flows, but also on down payment and financial supervision system reform.

Hot spots such as regulation have been responded.

Mortgage: the policy must be borrowed according to local conditions.

Because of the demand for people's livelihood, the trend of mortgage policy has always been the focus of attention.

Zhou Xiaochuan stressed at the press conference that the credit policy of commercial banks should adapt to the changes in different places, and comprehensively consider the feasibility and risks faced by housing credit.

Pan Gongsheng also believes that 70% of the 720 million square meters of stock rooms are distributed in three or four line cities, with the characteristics of overcapacity, regional differentiation and over capacity.

Therefore, the housing credit policy must match the national real estate situation.

On this basis, the central bank will implement policies in place, such as the implementation of the original policies in several cities in Beijing and Shanghai since last year, strengthen market self-discipline, make independent decisions by commercial banks, and adopt macro Prudential Management in housing finance.

In addition, Zhou Xiaochuan also made a clear statement on the issue of down payment loans. He bluntly said: "commercial banks must understand their customers, and customers' Shoufu can not be borrowed."

Pan Gongsheng, deputy governor of the central bank, said that the people's Bank of China has a very clear attitude towards the down payment loan. The real estate development enterprises and real estate intermediaries do not have the corresponding qualifications for their own financial businesses. They are engaged in financial business illegally, but also have self financing, self guarantee and capital pools.

Monetary policy: steady and slightly loose need dynamic adjustment

As one of the basic means by which the government regulates the macro-economy, monetary policy can be regarded as "pulling the whole body".

In the context of the further expansion of negative interest rates and the expected increase in the Fed's rate hike, China's monetary policy direction has not changed.

Zhou Xiaochuan said: "China will adopt a prudent monetary policy, but will pay attention to the flexibility and flexibility of monetary policy so as to maintain a reasonable and abundant liquidity."

As for the reasons, Zhou Xiaochuan explained that China's economy is now facing downward pressure and has more difficulties and challenges. Therefore, in a prudent monetary policy, we should stress flexibility and moderation.

The prudent monetary policy is slightly loose, which is in line with the actual situation from the latter half of 2015 to the present.

At the same time, Zhou Xiaochuan also believes that monetary policy needs dynamic adjustment.

The meaning of moderation is to adjust in real time and dynamically according to the research and judgement of the economic situation.

Foreign exchange: there is no need to rush to buy dollars.

Data show that China's foreign exchange reserves have been declining since 2015, but the latest figures show a sharp decline.

In the face of such a turbulent pattern, Zhou Xiaochuan said there was no need to rush to buy dollars, and sometimes there would be fluctuations in market sentiment. There was a reason for the fluctuations in the foreign exchange market, and we could not expect the turbulence to quell. But after the sudden event, the market will pay more attention to the more basic things and will return to the fundamentals.

For the future trend, Zhou Xiaochuan said that during this period, the market expected to gradually return to normal and return to the fundamentals. If there is no problem, this trend will continue.

Cross border capital flows: remittance to the people and returning to fundamentals

Since last year, China has experienced massive capital outflows. For this reason, Zhou Xiaochuan responded that under the circumstances of economic globalization and highly globalized financial markets, it is not surprising that there is a single stage of outflow, and that the future will soon become more calm and normal.

Pan Gongsheng, deputy governor of the central bank, said that cross border capital flows are relatively benign at present.

The external assets of the market players are increasing by about 400 billion, while the external liabilities are decreasing by about 100 billion.

Cross border capital flows in China are converging and returning to fundamentals.

Yi Gang, vice president of the central bank, gave a more "fresh" explanation, indicating that most of the outflow was "remittance to the people".

That is, the foreign exchange reserves held by the central bank have been held by our private enterprises, financial institutions and families and become private holders.

Venture financing: three ways to increase financing services

In recent years, the state has constantly promulgated policies to support public entrepreneurship and innovation. The central bank, as the head of China's "pocketbook", has also expressed the need to "increase direct financing services for start-ups in technological innovation".

Zhou Xiaochuan said: "the people's Bank credit reporting system will also provide services for entrepreneurs and new founders."

Pan Gongsheng, vice governor of the central bank, added that the financing services for start-ups will be increased from three aspects.

They are rich in financial formats conducive to entrepreneurship, innovative financial products and sound risk prevention mechanisms.

For many media questioned that many funds did not enter the real economy, Zhou Xiaochuan retorted: "this judgment is problematic."

Zhou Xiaochuan explained that the total amount of social financing has been growing steadily.

This year, the growth target of social financing scale is around 13%, and this growth rate is not low.

Securitisation of non-performing assets: "small amount" to prevent risks

Under the background of the continuous expansion of non-performing loans in China's banking sector, the sound of non-performing asset securitization plan was halted in 2009.

At this press conference, Zhou Xiaochuan and Pan Gongsheng responded to the problem. The securitization of bad loans of banks is only a pilot project, and the quota is not large. "This market is not necessarily big."

Zhou Xiaochuan bluntly said: "asset securitization products take market operation, market pricing, because the development is relatively late, will start to be more cautious, first from the good housing and other assets start, the back is not restricted."

At the same time, he believes that securitization of bank assets is a market-oriented operation, and other assets can also be packaged for sale.

Asset securitization must be regulated and regulated.

Pan Gongsheng said that the bad rate of commercial banks has little to do with the securitization of non-performing assets. At present, only a few banks have obtained the first batch of pilot institutions, and the initial pilot quota is not large, including the pricing of non-performing assets. The product design should be simple and pparent, and can not be sold to individual investors, but also to institutional investors, and at the same time, there is information disclosure requirements.

Financial regulatory reform: there is no ideal goal yet.

Because of the frequent occurrence of financial risk events, the financial supervision system which has been formed since 2003 has been criticized recently. Some analysts believe that last year's "stock crash" is closely related to the cross influence between Bank Securities and insurance.

In response, Zhou Xiaochuan responded, "from a global perspective, there are more dissatisfaction and more defects.

And for the ideal financial supervision system is still in the exploration, I personally can not talk about what a clear ideal goal, listening to all aspects of the opinions.

It is understood that this is the three time in nearly second weeks Zhou Xiaochuan publicly responded to the financial regulatory system reform, and last time at the G20 finance ministers meeting, which is Zhou Xiaochuan's first public statement on the issue.

Internet Finance: P2P has a high failure rate, and mutual Gold Association will be established in the future.

Since last year, many net loan company owners have run away frequently, causing wealth losses to investors.

For this phenomenon, Zhou Xiaochuan said: "some aspects of performance are very good, but also contribute a lot, and efficiency is also very fast.

Relatively concentrated, high failure rate is mainly in the P2P net loan link, but these are also new things, everyone wants to strengthen supervision, but how to supervise is still exploring.

Zhou Xiaochuan further stressed that the Internet needs to strengthen self-discipline management, so it is necessary to set up an Internet Financial Association.

The association has been preparing for some time and will be formally established in the next few days.

At the same time, Internet banking should be regulated, mutual fraud platforms and bad motives should be handled.

Bond market: Panda debt and point debt have room for development.

Zhou Xiaochuan also made a stand on the development of the capital market. He said that the internationalization of the RMB involved in the bond products will have new room for development.

Before China's development relied on bank loans, it would rely more on bonds and stock market financing in the future.

For specific products, Zhou Xiaochuan said that in the medium term, panda debt and dim sum debt have considerable room for development.

He said frankly, they are all new things, and if the climate is right, the rise will be very fast, which is related to the process of RMB internationalization.

Other hot spots such as payment account management

In addition, at the news conference, the central bank's relevant officials also responded to the hot issues such as payment account management and commemorative currency issue.

Fan Yifei, vice president of the central bank, said that the central bank will start running a new banking account system in April 1st and start a new non bank payment account system in July 1st to meet the increasingly diversified and personalized consumption payment needs of consumers.

At the same time, the central bank further implements the requirement of real name system.

In addition, Fan Yi Fei also said that the reform of commemorative currency issuance should be carried out in three ways: first, the implementation of the sunshine issue; two, the appropriate increase in issuance, and the number of issuance in 2016 reached 500 million, compared with only 80 million last year; three was the implementation of an appointment issue.