Virtual monetary policy in 2018
Publish: 2021-04-10 18:12:16
1.
China's regulatory authorities have stopped the issuance and trading of virtual currency, and China's policy does not allow the issuance of any virtual currency
3. Tight monetary policy is a kind of national monetary policy< There are two ways for a country to influence the economy: (1) fiscal policy (2) monetary policy
monetary policy includes: (1) expansionary fiscal policy (2) tightening fiscal policy, that is, tightening monetary policy
tightening monetary policy is to rece the amount of money in the market! Because too much money in circulation on the market will lead to inflation
the country mainly implements tight monetary policy by raising interest rates and issuing national bonds! It's good and bad
after the interest rate rises, more money will enter the bank, and the bank loan interest rate will rise again, which is not concive to the development of enterprises, because almost all enterprises need loans! After the interest rate rises, it is beneficial to the common people, because the common people seldom borrow money to invest in business, and the common people mostly deposit their money in the interest of the bank
the rise of interest rate will rece inflation, and people will feel that their money is still "valuable"< However, the country will not implement the tight monetary policy for a long time, because enterprises are the important part of the country's development! Especially in the current situation of economic opening up, Chinese enterprises have to face the competition of the whole world, the state must protect our enterprises! Tight monetary policy is only temporary!
monetary policy includes: (1) expansionary fiscal policy (2) tightening fiscal policy, that is, tightening monetary policy
tightening monetary policy is to rece the amount of money in the market! Because too much money in circulation on the market will lead to inflation
the country mainly implements tight monetary policy by raising interest rates and issuing national bonds! It's good and bad
after the interest rate rises, more money will enter the bank, and the bank loan interest rate will rise again, which is not concive to the development of enterprises, because almost all enterprises need loans! After the interest rate rises, it is beneficial to the common people, because the common people seldom borrow money to invest in business, and the common people mostly deposit their money in the interest of the bank
the rise of interest rate will rece inflation, and people will feel that their money is still "valuable"< However, the country will not implement the tight monetary policy for a long time, because enterprises are the important part of the country's development! Especially in the current situation of economic opening up, Chinese enterprises have to face the competition of the whole world, the state must protect our enterprises! Tight monetary policy is only temporary!
4. Since 2020, the monetary policy of countries in the world is relatively tight in some western countries, but the monetary policy of most countries is relatively loose.
5. In the first half of 2018, China's economy maintained steady growth, structural adjustment was further promoted, new and old kinetic energy continued to transform, emerging instries flourished, and quality and efficiency remained at a good level. The contribution rate of consumption to economic growth is rising, the employment situation is improving, and prices are basically stable. In the first half of the year, the gross domestic proct (GDP) grew by 6.8% year on year, and the consumer price (CPI) rose by 2.0% year on year
since 2018, in accordance with the deployment of the Party Central Committee and the State Council, the people's Bank of China has continued to implement a stable and neutral monetary policy. According to the changes in the economic and financial situation, the people's Bank of China has strengthened forward-looking pre adjustment and fine-tuning, moderately hedged the insufficient allocation of credit resources in some areas, guided and stabilized market expectations, and increased financial support for the real economy, especially small and micro enterprises, To create a suitable monetary and financial environment for supply side structural reform and high-quality development. First, moderately increase the supply of medium and long-term liquidity to maintain a reasonable and abundant liquidity. In January, April and July, the RRR was reced three times, and medium and long-term liquidity was released with medium-term lending facilities, mortgage supplementary loans and other tools. Second, actively promote market-oriented and legalized work of debt to equity swap. Financial institutions are encouraged to implement debt to equity swap in accordance with the principle of marketization through targeted reserve rection. Third, increase financial support for small and micro enterprises. In conjunction with relevant ministries and commissions, the "opinions on further deepening financial services for small and micro enterprises" was issued to increase the amount of re loans and rediscount for small and medium-sized agriculture, and rece the interest rate of re loans for small and medium-sized enterprises by 0.5 percentage points. Fourth, expand the scope of medium-term lending facilities and refinancing collateral, include AA +, AA grade corporate credit bonds, high-quality small and micro enterprise loans and green loans into collateral, and guide financial institutions to increase support for small and micro enterprises and green economy. Fifth, adjust and improve macro prudential policies in a timely manner. We will start the work of rating financial institutions and strengthen the monitoring of their operation and risk status. Further improve the macro Prudential assessment (MPA), include inter-bank certificates of deposit into the proportion of inter-bank liabilities of MPA, appropriately adjust the MPA parameter setting, and guide financial institutions to support the financing of small and micro enterprises and return qualified off balance sheet assets. Sixth, we should enhance the flexibility of the RMB exchange rate, give full play to the counter cyclical adjustment role of macro Prudential policy, and the RMB exchange rate will rise or fall under the promotion of market forces, with the overall stability of market expectations. The seventh is to give voice in time to guide market expectations. We should strengthen communication with the market through various ways. On June 19 and July 3, when the stock market and foreign exchange market fluctuated greatly, we took the initiative to make a steady voice
since 2018, in accordance with the deployment of the Party Central Committee and the State Council, the people's Bank of China has continued to implement a stable and neutral monetary policy. According to the changes in the economic and financial situation, the people's Bank of China has strengthened forward-looking pre adjustment and fine-tuning, moderately hedged the insufficient allocation of credit resources in some areas, guided and stabilized market expectations, and increased financial support for the real economy, especially small and micro enterprises, To create a suitable monetary and financial environment for supply side structural reform and high-quality development. First, moderately increase the supply of medium and long-term liquidity to maintain a reasonable and abundant liquidity. In January, April and July, the RRR was reced three times, and medium and long-term liquidity was released with medium-term lending facilities, mortgage supplementary loans and other tools. Second, actively promote market-oriented and legalized work of debt to equity swap. Financial institutions are encouraged to implement debt to equity swap in accordance with the principle of marketization through targeted reserve rection. Third, increase financial support for small and micro enterprises. In conjunction with relevant ministries and commissions, the "opinions on further deepening financial services for small and micro enterprises" was issued to increase the amount of re loans and rediscount for small and medium-sized agriculture, and rece the interest rate of re loans for small and medium-sized enterprises by 0.5 percentage points. Fourth, expand the scope of medium-term lending facilities and refinancing collateral, include AA +, AA grade corporate credit bonds, high-quality small and micro enterprise loans and green loans into collateral, and guide financial institutions to increase support for small and micro enterprises and green economy. Fifth, adjust and improve macro prudential policies in a timely manner. We will start the work of rating financial institutions and strengthen the monitoring of their operation and risk status. Further improve the macro Prudential assessment (MPA), include inter-bank certificates of deposit into the proportion of inter-bank liabilities of MPA, appropriately adjust the MPA parameter setting, and guide financial institutions to support the financing of small and micro enterprises and return qualified off balance sheet assets. Sixth, we should enhance the flexibility of the RMB exchange rate, give full play to the counter cyclical adjustment role of macro Prudential policy, and the RMB exchange rate will rise or fall under the promotion of market forces, with the overall stability of market expectations. The seventh is to give voice in time to guide market expectations. We should strengthen communication with the market through various ways. On June 19 and July 3, when the stock market and foreign exchange market fluctuated greatly, we took the initiative to make a steady voice
6. The Central Bank of China lowered the deposit reserve ratio of some financial institutions by one percentage point. Li Daxiao, chief economist of Yingda securities, said that the central bank's operations of recing reserve requirements and replacing medium-term loan facility (MLF) for some financial institutions are aimed at increasing long-term capital supply, recing enterprise financing costs, releasing 400 billion yuan of incremental capital, increasing low-cost capital sources for small and micro enterprises to speculate in stocks, and solving the problem of difficult and expensive financing for small and micro enterprises, It has a positive effect on stabilizing economic growth, and it also has a very good positive effect on the stability of the stock market, which is great good news<
Deng Haiqing: the RRR rection is good for bank stocks and bond markets
the inflection point of the central bank's monetary policy has appeared. Last year, there was a deleveraging combination in the monetary policy under strict supervision, which was determined to be basically stable in the current management, and has been adjusted to be reasonable and stable since this year. The central bank is also on the basis of truly implementing neutral monetary policy. Deng Haiqing believes that at the end of the first quarter of this year, the capital market was significantly lower than the market expectation, and there was a high degree of tension at the end of the second quarter. The bond market is obviously also the convergence of interest rate and stock speculation interest rate in the bond market. At the same time, President Yi Gang also believes that the marketization of the deposit side of the central bank will merge with the interest rate in the money market, In this case, we can see that the central bank has replaced MLF with reserve rate rection
"it can be seen that the changes of the central bank are very clear. The typical feature of 2014 is that the high deposit reserve ratio remains unchanged, and the MLF is maintained as the regulation of the central bank's monetary policy. Now, on the one hand, the central bank maintains the MLF. If the deposit interest rate and the money market interest rate are combined, the deposit reserve ratio itself will get through with the MLF, which is equivalent to a al track system, And deposit are two systems. Now, if the deposit reserve ratio is liberalized, it is equivalent to graally integrating the two. I think that lowering the reserve requirement and recing the MLF will create a lot of conditions for the marketization of deposit interest rates. " Deng Haiqing said. For commercial banks, Deng Haiqing mentioned that the capital cost of deposits will certainly go up, and recing the deposit reserve ratio will objectively rece the burden on banks. If it is to rece the reserve requirement directly, commercial banks do not need to have any cost to MLF. This reces the cost of capital for banks. Under strict supervision, the profitability of banks' asset side is declining, so recing the cost should be good for commercial banks, good for the bond market and good for bank stocks.
Deng Haiqing: the RRR rection is good for bank stocks and bond markets
the inflection point of the central bank's monetary policy has appeared. Last year, there was a deleveraging combination in the monetary policy under strict supervision, which was determined to be basically stable in the current management, and has been adjusted to be reasonable and stable since this year. The central bank is also on the basis of truly implementing neutral monetary policy. Deng Haiqing believes that at the end of the first quarter of this year, the capital market was significantly lower than the market expectation, and there was a high degree of tension at the end of the second quarter. The bond market is obviously also the convergence of interest rate and stock speculation interest rate in the bond market. At the same time, President Yi Gang also believes that the marketization of the deposit side of the central bank will merge with the interest rate in the money market, In this case, we can see that the central bank has replaced MLF with reserve rate rection
"it can be seen that the changes of the central bank are very clear. The typical feature of 2014 is that the high deposit reserve ratio remains unchanged, and the MLF is maintained as the regulation of the central bank's monetary policy. Now, on the one hand, the central bank maintains the MLF. If the deposit interest rate and the money market interest rate are combined, the deposit reserve ratio itself will get through with the MLF, which is equivalent to a al track system, And deposit are two systems. Now, if the deposit reserve ratio is liberalized, it is equivalent to graally integrating the two. I think that lowering the reserve requirement and recing the MLF will create a lot of conditions for the marketization of deposit interest rates. " Deng Haiqing said. For commercial banks, Deng Haiqing mentioned that the capital cost of deposits will certainly go up, and recing the deposit reserve ratio will objectively rece the burden on banks. If it is to rece the reserve requirement directly, commercial banks do not need to have any cost to MLF. This reces the cost of capital for banks. Under strict supervision, the profitability of banks' asset side is declining, so recing the cost should be good for commercial banks, good for the bond market and good for bank stocks.
7. [Key words] reasonable abundance
is not "large-scale water release". Nor is it "comprehensive easing.". The marginal easing of monetary policy does not mean the policy shift
"recent important meetings have made clear the adjustment direction of macro policy for forward-looking fine-tuning and precise implementation. In response. Some people in the market interpret it as "substantial water release" and "comprehensive easing" is very inappropriate. " Lian Ping, chief economist of Bank of communications, said
"flood irrigation" type liquidity injection. Whether to the financial market or the real economy itself. They are not favorable conditions for long-term healthy development. Instry experts generally believe that. A prudent monetary policy should be moderately tight. It does not mean that the policy has changed fundamentally. It doesn't mean overall easing. It's just marginal easing of monetary policy.
is not "large-scale water release". Nor is it "comprehensive easing.". The marginal easing of monetary policy does not mean the policy shift
"recent important meetings have made clear the adjustment direction of macro policy for forward-looking fine-tuning and precise implementation. In response. Some people in the market interpret it as "substantial water release" and "comprehensive easing" is very inappropriate. " Lian Ping, chief economist of Bank of communications, said
"flood irrigation" type liquidity injection. Whether to the financial market or the real economy itself. They are not favorable conditions for long-term healthy development. Instry experts generally believe that. A prudent monetary policy should be moderately tight. It does not mean that the policy has changed fundamentally. It doesn't mean overall easing. It's just marginal easing of monetary policy.
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