The Paper reporter Chen Yueshi
The Central Bank’s Monetary Policy Committee set the tone for monetary policy in the second half of the year and increased attention to inflation.
6 29, The People's Bank of China announced that the second quarter 2022 (97th overall) regular meeting of the Monetary Policy Committee of the People's Bank of China will be held in Beijing on June 24.
When judging the domestic and international economic situation, the latest regular meeting continued the judgment that "economic development faces triple pressures of demand contraction, supply shock, and weakening expectations" and "the external environment has become more complex and severe". It also expressed concern about international inflation. , saying that “the current global economic growth is slowing down and inflation is running at a high level.”
In terms of monetary policy, the latest regular meeting continued for the first quarter to "give full play to the dual functions of the total volume and structure of monetary policy tools , proactively respond, boost confidence, provide stronger support for the real economy, and stabilize the macroeconomic market " At the same time, it was proposed to “strengthen inter-cyclical and counter-cyclical adjustments and increase the implementation of prudent monetary policy.”
Compared with the first quarter, the second quarter regular meeting paid more attention to inflation. The
meeting stated that under the favorable conditions of stable and increased domestic grain production and stable operation of the energy market, the price level should be kept basically stable. It also proposed to "coordinate the stabilization of employment and price stability, put stability first, and seek progress while maintaining stability."
In terms of credit extension and liquidity, the latest regular meeting continued from the first quarter to "further unblock the monetary policy transmission mechanism , maintain reasonable and sufficient liquidity, enhance the stability of total credit growth, and maintain the money supply and social financing scale. "The growth rate basically matches the nominal economic growth rate", but unlike the first quarter, the second quarter regular meeting did not mention "keeping the macro leverage ratio basically stable."
On the RMB exchange rate and interest rate policies, the latest regular meeting continued the formulation in the first quarter, which also emphasized "strengthening the supervision of deposit interest rates, focusing on stabilizing bank liability costs, giving full play to the reform effectiveness and guiding role of loan market quotation rates , and promoting the reduction of corporate Comprehensive financing costs" and "maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level." The statement on real estate finance at the latest regular meeting of
also continued the previous statement, "to safeguard the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development and virtuous cycle of the real estate market."
Attachment: Comparison of the drafts of the second quarter regular meeting and the first quarter regular meeting
Editor in charge: Zheng Jingxin Picture editor: Hu Mengqi
Proofreading: Liu Wei
