Central Bank: Do Not Rely On Additional Money To Stimulate The Economy.

The head of the monetary policy division of the people's Bank of China told reporters 12 days ago that since 2014, China has continued to implement a prudent monetary policy and has not relied on strong stimulus to promote economic development. Instead, it has relied on reform to stimulate market vitality, because the money in the pool has been a lot, and it is impossible to stimulate economic growth by issuing additional money.

The chief executive pointed out that overall, since 2014, the liquidity of China's banking system has been reasonably moderate, and the scale of monetary credit and social financing has increased steadily, providing a stable monetary environment for economic structural adjustment and transformation and upgrading.

First, the growth of monetary credit and social financing scale is in a reasonable range, and the total amount of money and credit has not been released. At the end of 8 in 2014, M2 grew by 12.8% year-on-year, near the expected target. In August, RMB loans increased by 702 billion 500 million yuan, and the loan balance grew by about 13.3% year-on-year. The growth of loans was basically the same as that of the same period in previous years.

Two, the credit structure is further optimized. At the end of 7, loans for small and micro enterprises increased by 14.6% over the previous year, 1.2 percentage points higher than all loans, and foreign loans involving agriculture increased by 15.5%, which is 2.2 percentage points higher than that of all foreign currency loans.

Three, market interest rates have dropped. In the middle and late 7 months, the interest rate of money market was down again after tax and new share purchase. The weighted average interest rates of interbank borrowing and bond repurchase in August were 3.17% and 3.11%, respectively, down 0.24 and 0.30 percentage points from last month, 0.99 and 1.17 percentage points lower than that in December of last year.

Four is RMB The two-way floating elasticity of exchange rate is significantly enhanced, and the exchange rate is expected to differentiate. At the end of 8, the RMB against the US dollar. exchange rate The median price was 6.1647 yuan, an increase of 0.05% from last month, which is still 1.10% lower than the end of last year.

As for the recent slowdown in China's credit expansion, the official pointed out that this is the gradual adjustment and balance of the economic structure and growth momentum, and off balance sheet financing. supervise Strengthen the normal reflection. For example, the adjustment of the real estate market, the dissolving of excess capacity and the rapid development of new industries will have an impact on credit growth.

The official stressed that the short-term fluctuations in the economic and financial data of the Chinese economy in a reasonable interval are unavoidable. Considering the rapid development of financial innovation, the adjustment and upgrading of economic structure and other factors, the relationship between the number of money and credit and the ultimate goal is more complex and changeable.

The person in charge revealed that the next step is that the people's Bank of China will continue to implement a prudent monetary policy, which will not only maintain its strength and take the initiative, but also adjust the fine tune in a timely and appropriate manner. We should prevent the excessive increase in leverage, and at the same time stabilize the total amount, guide monetary credit to the "three rural", small and micro enterprises, emerging industries, high-tech industries and other tilt, and enhance the foresight, pertinence and effectiveness of regulation.