There Is Still Room For A Net Return Of More Than One Trillion Yuan After The Central Bank'S Holiday.

In February 21st, the people's Bank of China issued a notice that the people's Bank of China issued a mortgage supplementary loan (PSL) of 71 billion 900 million yuan on that day. After hedging with factors such as the peak of tax period and the expiration of the central treasury cash management, the liquidity of the banking system was at a reasonable level of adequacy and no reverse repurchase operation.

At the same time, data show that the net return of the festival is 10716 billion yuan.

Wang Qing, chief macroeconomic analyst at Orient Jincheng, said yesterday in an interview with reporters that, considering the fact that in February 21st, there was a 100 billion yuan treasury deposit expiration, the issuance of local debt issuance in February and the approaching peak of the tax period of the month, the central bank issued PSL to help maintain the market capital level at a stable level.

Wang Youxin, a foreign exchange researcher at Bank of China International Financial Research Institute, told reporters yesterday that the central bank has increased the impact of PSL on the market in three ways.

In terms of quantity, hedge tax period and treasury cash management affect liquidity and maintain a steady fluctuation of liquidity.

Price, PSL interest rate lower than the bank lending rate, can guide the long-term interest rate downward, reduce the financing cost of the real economy.

On the basis of policy expectation, the main function of PSL is to provide basic funds for commercial banks and low-cost funds for people's livelihood. The main function is to support the development of key areas, weaknesses and social undertakings in the national economy, and to help implement the proactive fiscal policy and achieve the goal of stabilizing economic growth.

Wang Youxin believes that the overall monetary policy of the central bank will remain moderate and will not be irrigated by floods.

In the first quarter, monetary policy will continue to be dominated by regulatory minor repairs.

Wang Qing said that in the future, the central bank's monetary policy will strengthen the counter cyclical adjustment, and promote the resumption of credit and social integration since the beginning of the year, so that it will keep pace with the nominal GDP growth rate, and focus on the use of structural monetary policy tools such as directional reduction and TMLF to guide the flow of funds to private enterprises and small and micro enterprises that are short of water.

At the same time, in the process of fine-tuning the direction of monetary policy, the central bank will adhere to the principle of moderation, and prevent the "flood flooding", which will trigger a rapid rise in the macro leverage ratio, exacerbate distortions and continue to accumulate risks.

Judging from this, there will still be room for reduction in the next period of time, and there is little possibility of cutting interest rates.

As the second largest economy in the world, the voice of our country in various fields is attracting more and more attention of the international community.

For example, in the field of monetary policy, our policy orientation has been widely concerned by other economies, so that after adopting some traditional or innovative monetary policy tools, the central bank has to explain its starting point and purpose to the outside world through various channels.

China's monetary policy has attracted wide attention and is a manifestation of its remarkable international status.

The reform and development of capital market need to make good use of this opportunity to do well in reform and opening up.

In January this year, the central bank lowered the deposit reserve ratio of financial institutions by two percentage points to 1 percentage points, and released liquidity through other existing and innovative monetary policy tools to the weak links in the economic and financial sectors.

At the executive meeting of the State Council in February 20th, Premier Li Keqiang reiterated: "prudent monetary policy has not changed, nor will it change.

We are not going to "flood irrigation".

Before the prime minister reiterated that the orientation of monetary policy will not change, the central bank has made clear that prudent monetary policy can not be changed through corresponding channels.

The prudent monetary policy has created the conditions for the stability of China's financial market, and the rising of its international status is a good thing for the capital market.

At present, China's capital market reform is facing a favorable opportunity, and has reached a high degree of consensus, and has entered a brick and tile implementation phase.

In this process, the initiative of monetary policy will also provide necessary and timely support for the reform and development of the capital market.

Because the capital market is an important part of financial stability, it has a high sensitivity to monetary policy, and the smooth progress of the reform of the capital market requires a monetary policy to seek greater development.

After last year's president of the new central bank, Yi Gang's support for the capital market was gradually reflected.

For example, at the China Development Summit Forum in March last year, he proposed that we should vigorously develop multi-level capital markets and steadily raise the proportion of direct financing. In April, Boao Yi forum made it clear that, compared with the past, whether foreign direct investment (FDI), foreign direct investment (ODI) or financial market, how to let foreign capital enter the stock market and bond market, and how to integrate China's stock index into the world's main index, these efforts have been doing.

Last year, the A share market gained the favor of the three largest international index companies, and accepted A shares and increased their share.

These achievements are inseparable from the efforts of the central bank and the SFC.

"China's capital market has a healthy development conditionally". In an interview last June 19th, Yi Gang emphasized in the interview that the central bank always attached great importance to the impact of external shocks, and made forward-looking policy related reserves, and made comprehensive use of various monetary and policy tools to maintain a reasonable and stable liquidity and keep the bottom line of systemic financial risks.

Yi Gang said so.

We should standardize the monetary policy innovation tools, support the development of the real economy, maintain the stability of the financial system, and create an appropriate monetary policy environment for the reform of the capital market.

Now, the direction of monetary policy and the direction of exertion are clear. Capital market reform has also entered the implementation stage, and the adhesion between monetary policy and capital market has been significantly improved.

Against this background, as long as it takes time, a capital market that matches the world's second largest economy will appear before domestic and foreign investors.