The market expects that the next medium-term lending convenience operation bid winning rate and LPR announced on February 20 will also have a large probability of going down.
LPR adjustment has strong guidance and direction to the loan pricing of commercial banks.
Main points two
Set up a 300 billion yuan special re loan to precisely support key enterprises in epidemic prevention and control
The list of key enterprises shall be determined by the national development and Reform Commission and the Ministry of industry and information technology of the peoples Republic of China. The enterprises included in the list are mainly the key medical materials and key living materials for epidemic prevention and control.
Fast credit granting and fast lending by financial institutions.
Main points three
The regular opening of the stock market and foreign exchange market on schedule shows the determination of the Chinese government to uphold the market rules and the confidence of the decision-makers, and also shows that Chinas financial market is maturing
The stock market and foreign exchange market have basically returned to normal operation after the short-term fluctuations in the initial period of opening. In its unique way, the financial market shows its confidence in the Chinese governments control of the epidemic and future economic growth.
Foreign exchange reserves rose steadily in January.
Main points four
The impact of the epidemic is temporary, and the fundamentals of Chinas high-quality economic growth remain unchanged
The impact of the epidemic on Chinas economy is temporary and periodic. Once the epidemic is under control, the economy will quickly return to the vicinity of potential output. Chinas economy has a strong toughness and strong potential, and the fundamentals of high-quality growth have not changed in the long run.
The policy measures taken by the financial system in response to the epidemic have been fully affirmed by the financial market and all aspects of society, highly praised by the International Monetary Fund, the world bank and the international financial community. It is generally believed that the impact of the epidemic is temporary and limited. The Chinese economy will continue to show strong resilience. The Chinese government has sufficient policy space to stabilize economic growth u3002
Main points five
To alleviate the financing problems of small and micro enterprises, we need to be persistent and persistent
To alleviate the financing problem of small and micro enterprises is a complex and systematic project of financial service for the real economy and financial supply side reform, which needs unremitting efforts. At present, it is also one of the important work of our financial system. Many of the 30 measures previously issued by the five ministries and commissions were aimed at financial support for small and micro businesses and private enterprises during the epidemic.
We should cultivate and shape the ability of financial institutions to serve small and micro enterprises from the perspective of policies and practices. Reform and improve the monetary policy, regulatory policy, tax policy, improve the policy environment and incentive and restraint mechanism for commercial banks to serve small and micro enterprises; guide and encourage commercial banks to carry out the project of improving the financial service capacity of small and micro enterprises, improve the internal resource allocation, performance evaluation, risk assessment, due diligence exemption, financial technology and other policy systems; work with local governments to improve the credit Use information and risk sharing mechanism to build.
The majority of financial institutions (including banks, insurance companies, securities companies, etc.) stress politics, the overall situation, take active actions and take the initiative. Many financial institutions have introduced a number of internal policies and measures to help alleviate the financing problems of small and micro enterprises.
Main points six
Monetary policy will balance the relationship between supporting economic growth and stabilizing leverage
In recent years, under the joint action of various measures, Chinas macro leverage ratio has remained basically stable, and the overall leverage ratio has been maintained at about 250% in nearly ten quarters.
Structural deleveraging has achieved good results. The level of corporate leverage has been in a declining state. Compared with the end of 2017, it has dropped by 5-6 percentage points, and the growth rate of leverage in government departments and family departments has declined significantly.
Monetary policy should take into account multiple factors such as economic growth, leverage, inflation expectations, exchange rate and other internal and external balance. In the context of the epidemic, under the downward pressure on the economy, it is more important to maintain economic growth. Monetary policy will be carefully studied, judged, well controlled, and the relationship between monetary policy supporting economic growth and stabilizing leverage will be well balanced.
Main points seven
Our toolbox is adequate to effectively hedge against the impact of the epidemic
According to the requirements of the State Council, the peoples Bank of China is carefully analyzing and assessing the impact of the epidemic on Chinas economy. China has sufficient policy tools to cope with the pressure of economic decline. Among the major international economies, Chinas monetary policy is still a few countries in the normalization of monetary policy.
First, we need to increase the intensity of counter cyclical regulation, maintain a reasonable and sufficient liquidity, and provide a good monetary and financial environment for the real economy.
Second, we need to further deepen the reform of interest rate liberalization, improve the transmission mechanism of market quotation interest rate, improve the transmission efficiency of monetary policy, and reduce the cost of social financing.
Third, we will continue to play the role of structural monetary policy instruments, such as targeted reduction of standards, refinancing and rediscount, and increase support for key areas and weak links in the national economy.
Watch videos! The stock market and foreign exchange market opened as scheduled to show the confidence of the decision-makers! The financing cost of key enterprises applying for special refinancing shall not be higher than 1.6%