China's monetary policy is a policy adopted by China monetary authorities to manage and regulate money and credit in order to achieve certain macroeconomic goals. It also includes the ultimate goal, policy tools, operational indicators, intermediary goals and other factors. China's monetary policy is constantly developing and changing with China's policy and development practice, with China characteristics.
Reason:
Steady monetary policy is a formulation with China characteristics, which is the guiding ideology and policy for formulating monetary policy. It is different from the formulation of monetary policy in economics textbooks (such as "loose", "neutral" or "tight" monetary policy)
A prudent monetary policy is linked to the goal of stabilizing the currency, which includes the requirements of preventing deflation and inflation, and does not hinder the implementation or expansion or tightening of monetary policy according to the needs of the economic situation.
Background:
There are mainly the following aspects:
First, after the prosperity of real estate and development zones in the early 1990s, to 1997 and 1998, the risk problems of some small and medium-sized financial institutions have become quite prominent. At that time, the China Municipal Government and the People's Bank of China were faced with the important task of defusing financial risks and preventing new and more serious financial risks.
Second, although the contradiction of insufficient total social demand was exposed at that time, the most prominent problem was the structural problem, and the actual effective loan demand was insufficient;
Third, due to the long-term implementation of the financial system based on indirect bank financing, enterprises operate with high debts and the proportion of their own funds is very low. If we continue to increase loans substantially, the problem of non-performing loans will become more prominent;
Fourth, the implementation of a proactive fiscal policy itself includes the use of monetary policy, the issuance of government bonds and the participation of banks in purchasing, which itself includes the use of monetary policy to support economic growth.
Extended data:
Chronicle of events
Section 1 of 20 15
On June 5438+1October 2/kloc-0, the People's Bank of China and the Swiss National Bank signed a memorandum of cooperation, reached an agreement on the establishment of RMB clearing arrangements in Switzerland, and agreed to expand the pilot area of RMB qualified foreign institutional investors (RQFII) to Switzerland with an investment quota of 50 billion yuan.
65438+1On October 22nd, the People's Bank of China and the China Insurance Regulatory Commission jointly issued Announcement No.3 of 20 15, allowing insurance companies to issue capital supplementary bonds in the national inter-bank bond market.
65438+1On October 28th, the People's Bank of China reported the implementation of monetary policy in 20 14 to the NPC Financial and Economic Committee.
On February 5th, the People's Bank of China lowered the RMB deposit reserve ratio of financial institutions by 0.5 percentage points. At the same time, in order to further enhance the ability of financial institutions to support structural adjustment, we will increase support for small and micro enterprises, "agriculture, countryside and farmers" and major water conservancy projects.
For city commercial banks and non-county rural commercial banks whose loans to small and micro enterprises meet the targeted cuts to required reserve ratios standards, the RMB deposit reserve ratio will be further reduced by 0.5 percentage points, and the RMB deposit reserve ratio of China Agricultural Development Bank will be further reduced by 4 percentage points.
On February 6th, the People's Bank of China issued the Notice on Carrying out the Convenient Operation of Standing Loans for Branches in China (Yinfa [2015] No.43) and the Notice on Printing and Distributing the Guidelines of the People's Bank of China on Re-lending and Standing Loans (for Trial Implementation) (Yinfa [2015] No.42).
On the basis of the trial operation of 10 provincial (city) branches' standing loan facilities, the standing loan facilities of branches will be promoted nationwide, and the channels for the central bank to provide liquidity support to small and medium-sized financial institutions will be improved.
February 10, 20 14 The monetary policy implementation report of China in the fourth quarter was released.
On March 1 day, the People's Bank of China lowered the benchmark interest rates for RMB loans and deposits of financial institutions. Among them, the benchmark interest rate for one-year loans of financial institutions was lowered by 0.25 percentage points to 5.35%; The benchmark interest rate for one-year deposits was lowered by 0.25 percentage point to 2.5%.
At the same time, combined with the interest rate marketization reform, the upper limit of the floating range of deposit interest rate of financial institutions is adjusted from 1.2 times of the benchmark deposit interest rate to 1.3 times; The benchmark deposit and loan interest rates of other grades and the deposit and loan interest rates of individual housing provident fund are adjusted accordingly.
On March 18, the People's Bank of China and the Central Bank of Suriname signed a bilateral local currency swap agreement with a scale of 654.38 billion RMB/520 million Suriname RMB.
On March 20th, the State Council approved the "Deepening Reform Plan of China Development Bank" and the "Overall Plan for Reform Implementation in The Export-Import Bank of China", requiring the People's Bank of China to seriously organize the implementation in conjunction with relevant units in accordance with the requirements of the plan and the division of responsibilities.
On March 25th, the People's Bank of China and the Central Bank of Armenia signed a bilateral local currency swap agreement with the scale of 654.38 billion RMB/77 billion Armenian drams.
On March 26th, the People's Bank of China issued Announcement No.7 (20 15), which simplified the issuance management process of credit asset-backed securities, improved the efficiency and transparency of issuance management, promoted the information disclosure quality of trustees and sponsors, effectively protected the legitimate rights and interests of investors, and promoted the healthy development of credit asset securitization business.
On March 30th, the People's Bank of China, the Ministry of Housing and Urban-Rural Development and the China Banking Regulatory Commission jointly issued the Notice on Issues Related to Personal Housing Loan Policy (Yinfa [2015] No.98) in order to further improve the personal housing credit policy, support residents' demand for self-occupied and improved housing and promote the stable and healthy development of the real estate market.
On March 30th, the People's Bank of China and the Reserve Bank of Australia renewed the bilateral local currency swap agreement with a scale of 200 billion RMB/40 billion Australian dollars.
On March 3 1 day, the Monetary Policy Committee of the People's Bank of China held the first quarter regular meeting of 20 15.
On March 3 1 day, the deposit insurance regulations were promulgated and came into force on May 20 1 day.
Baidu Encyclopedia-China Monetary Policy