Policy Is Bright, Confidence In Financial Markets Is Strengthened.

In the past week, China

Show the world a positive trend of stability and prosperity.

This provides a good external environment and time window for deleveraging, supervision and risk prevention in the financial field.

At the same time, we should consolidate our economy and keep our liquidity stable and systematic.

It is still necessary to grasp the rhythm and intensity of policies.

This week, two sets of data have enhanced market confidence.

The national economic accounting data released on Monday (April 17th) showed that China's economy grew 6.9% over the same period last year, the growth rate exceeded the market expectations, the growth rate of industry and investment was accelerated, the export contribution had been shifted from negative to positive, and the downward pressure on the economy has eased; the foreign exchange collection data released on Thursday (20) showed that the deficit in the National Bank's foreign exchange and foreign exchange receipts and payments in the first quarter decreased by 67% and 78% compared with that of the previous year, and the foreign exchange supply and demand trend was basically balanced, and the pressure on cross-border capital outflow was significantly reduced.

In the favorable external environment, the financial sector should speed up the deleveraging, supervision and risk prevention.

The CBRC issued a weekly warning of risks and strengthened regulatory policy effect in the financial industry. Some commercial banks began to adjust their assets and liabilities and business models, and shrink their business and channel businesses. The CBRC on Friday (21) further indicated that it should take more initiative to prevent and control financial risks and vigorously manage financial chaos. The SFC announced Friday that the current net capital supervision system of Futures Company was revised to raise the minimum net capital requirement of Futures Company to 30 million yuan. In addition, the former commission member Feng Xiaoshu had fined 499 million yuan for illegal trading of stocks. The CIRC also issued a circular to strictly guard against strict regulation and control of illegal activities in the insurance market, and strictly prevent internal and external collusion from interfering with supervision work.

A series of

The direction is very clear: we must guard against leverage, hype and cross risk and reduce capital.

Idle arbitrage, leading it into the real economy.

This is conducive to the long-term healthy development of China's economy and finance. At the same time, the adjustment will also be accompanied by pressure and labor pains.

At present, some financial institutions are dissatisfied with the situation, and some have some concerns.

In the past week, interest rates in the interbank market continued to rise slightly, and the bond market and capital market continued to adjust.

These did not affect the stability of the overall situation, but the new trends and new signs embodied in it were noteworthy.

It is also important to have a clear direction and grasp the rhythm, grasp the "degree" and guide the anticipation in the process of operation.

In the past week, the central bank changed the practice of continuous "net withdrawal" from the end of March to the first half of April in the open market, thus continuing to net back the funds. On Monday, it released 495 billion 500 million yuan in the medium-term loan facility (MLF), and made a total repurchase of 360 billion yuan from Tuesday to Thursday. The market statistics totaled a net investment of 170 billion yuan.

A robust neutral monetary policy can effectively control the pressure and maintain the overall stability of liquidity in order to create a necessary external environment for further deleveraging, strong supervision and risk prevention in the course of operation.

Many new regulatory measures have also reserved buffer periods and pitional periods, and there is no need to worry too much.

Looking forward to the future, the foundation for China's economic stabilization and improvement remains to be consolidated. The financial risks and hidden dangers accumulated over the past years need a process.

Whether it is monetary policy or financial regulation, in the direction of positive and positive actions, we need to grasp the rhythm and intensity.

More interesting reports, please pay attention.

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