The "Money Gate" Is Adjusting, And Economic Regulation Is Not Over.

Recently, Yi Gang, vice president of the people's Bank of China, said in a dialogue between the ninth round of business leaders and senior officials of China and the United States that first of all, leverage is the lever of leverage, and the growth rate of leverage should be lowered.

From the data point of view, M2 grew by 9.6% in May compared with the same period last year.

In May, the M2 growth rate was lower than the previous value of 10.5% and 11.8% in May last year.

As well as regulatory level continue to promote the effect of financial deleveraging has been initially apparent, M2 growth rate further fall in line with market expectations. In addition, in a stable neutral monetary policy and regulatory level continue to promote the financial deleveraging environment, M2 growth rate will be limited, the next period of time to maintain a low level of around 10% may become a new normal.

It is understood that this round of deleveraging ideas for the first time at the end of 2015 Central Economic Work Conference on 2016, "one line, three sessions" began to leverage a number of initiatives in the financial field.

In monetary policy, since the three quarter of last year, the central bank's open market operation has been raising the cost of capital by shortening the length of the fund, which has led to the financial institutions' deleveraging.

In April this year, the CBRC issued two intensive guidance on banking risk prevention and control, and 7 regulatory documents on the banking industry's "special management of improper innovation, improper trading, improper incentives and improper charges", focusing on the business of the same industry, bank financing, outsourcing and other businesses, guiding the funds to invest more in the real economy, strictly controlling the mismatch of the period and leveraged investment, and pushing the financial deleveraging to a climax.

Subsequently,

The pace of development is becoming more and more mild. In May this year, at the key work briefing, Xiao Yuan Yuan, director of the Prudential Regulation Bureau of the China Banking Regulatory Commission (CBRC), said that the CBRC is planned and implemented step by step for the recent regulatory inspection requirements. It is necessary to coordinate the work pace and time arrangement, set a certain interval for the implementation of the work time limit, and implement the peak shifting plan.

At Tsinghua Wudaokou Financial Forum in 2017, Wu Xiaoling, President and Dean of Tsinghua University Finance School of Tsinghua University, also said that deleveraging is a verb, rather than a complete removal of leverage, which is not going to zero.

Market participants are most concerned about the trend of monetary policy in the second half of the year.

Most market participants say that the tone of the central bank's robust neutral monetary policy will not change. However, in the future, when monetary policy is pushing deleveraging, it will also pay more attention to the intensity and rhythm, and better control the macro liquidity balance.

Chen Yulu, vice governor of the people's Bank of China, said at the Tsinghua Wudaokou global financial forum recently that a sound neutral monetary policy will be implemented to adjust the monetary gate and maintain the basic stability of liquidity. Efforts should be made to make money neither loose nor tight, and manage the total demand in the supply side structural reform.

We should create a moderately moderate monetary and financial environment.

Li Bo, director of the monetary policy division of the people's Bank of China, further explained "not loose nor tight" when speaking at the same forum.

He said that the so-called "tight" means that the monetary policy should support the normal and reasonable growth of the economy, maintain the basic stability of liquidity, maintain the basic stability of the financial system and prevent systemic financial risks. The so-called "loose" means that monetary policy can not be too loose, otherwise the zombie Enterprises and excess capacity will be difficult to be removed.

"Although the market leverage has been knocked out, some small and medium financial institutions still have certain expectations for easing monetary policy of the central bank, and there is still a chance to continue leverage with the opportunity of market adjustment.

I have judged that deleveraging is not in place, and that the long-term trend of monetary policy keynote should remain robust and neutral.

The above Department of Finance and marketing said.

"Adhere to the general principle of actively and steadily deleveraging.

Of course, attention should also be paid to strengthening supervision and coordination, grasping the intensity and rhythm of policies, stabilizing market expectations, and making structural adjustment stable and orderly overall.

The people's Bank of China will continue to flexibly apply the combination of various monetary policy tools according to the economic fundamentals and market supply and demand, grasp the balance between deleveraging and maintaining the basic stability of liquidity, and create a moderately moderate monetary and financial environment for the structural reform of supply side.

The central bank official said.

The central bank may not be too lenient.

On the one hand, the direction of the central bank's tight balance of liquidity has not changed. On the other hand, the liquidity management of the central bank has been more flexible since the beginning of this year. Under the direction of maintaining a tight balance of funds, the policy flexibility of decision making has been strengthened, and ultimately the financial leverage has been completed.

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