An Appropriate Monetary And Financial Environment Can Promote Steady Economic Growth.

The financial statistics released by the central bank in April were cold: in April, social financing increments and new loans dropped sharply, and M2 growth rate also hit the lowest level since June last year.

At the end of 4, the broad money supply (M2) increased by 12.8% compared to the same period last year, and hit a new low of 10 months. In April, the new RMB loan reached 555 billion 600 million yuan, a new low in the past six months.

The year-on-year growth rate of M2 (broad currency) can be understood as the "printing speed" of the central bank.

In the first quarter, China's GDP growth rate was 6.7%, that is to say, "printing money speed" was 6.1 percentage points faster than the "wealth growth rate".

Though still fast, it is much lower.

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May 13th, April

After the statistics were reported, the central bank officials answered questions related to the main data and the current monetary policy orientation.

As we all know, the central bank started Adjusting monetary policy in mid April and prepared for the slowdown in M2 growth.

The first two days, Vice Premier Zhang Gaoli also gave the "spoiler" in advance.

But it is generally believed that the growth rate of M2 has dropped from 13.4% in March to 13.2% or 13.1%, and no one has predicted that it will fall below 13%.

The two indicators of social financing and RMB new loans are also significantly lower than expected. The three major indicators have passed an important signal to us: the central bank issued a reporter's article on the April issue of monetary credit data in the official website, saying that after the adjustment of seasonal factors and factors such as the issuance of government bonds and debt replacement, the overall growth of the total amount of money and credit and the scale of social financing is still stable and normal. The liquidity of the banking system is reasonable and abundant, and all kinds of market interest rates are kept at a low level.

In the next stage, the people's Bank of China will continue to implement a sound monetary policy, maintain flexibility and moderation, adjust the fine tune in time, enhance pertinence and effectiveness, do well in the management of aggregate demand compatible with supply side structural reforms, create an appropriate monetary and financial environment, and promote steady economic growth.

Ma Jun, the central bank, said it is not appropriate to overread the fluctuation of monetary and credit data in April.

Ma Jun believes that the growth of monetary and credit growth in April should not be overly interpreted.

The keynote is still "steady". Monetary policy operations in the future should maintain steady growth, continue to support the development of the real economy, and fully take into account the impact of monetary policy on future prices and the need to guard against financial risks.

The central bank said that in the two or three quarter of last year, stock market stability had injected more liquidity, and the M2 growth rate in the next few months could still decrease significantly.

Looking from the situation in the coming months, we should pay attention to the fact that as the stock market fluctuated in the two or three quarter of last year, more liquidity was injected to maintain the stability of the market and the M2 base of that time increased significantly. Therefore, we initially predicted that the growth rate of the M2 would still decrease considerably over the next few months in the normal growth of the company.

But this is mainly a special cardinal effect in the interference of the year-on-year data, does not represent the real growth rate.

With the gradual disappearance of cardinal effect, M2 growth will pick up after 9 and October.