Efforts to maintain the smooth operation of financial

Efforts to maintain the smooth operation of financial


"The overall financial operation smooth", which is the central bank in the October 12 release third-quarter financial statistics, the financial situation of the previous judgment. In the party's 17 major upcoming occasion, the hard-won eight characters, the current financial operation is not only a security "seal" is an even more on the future economic and financial situation is stable level of a good guarantee.

Recalling the past three quarters, in the face of the economy from "fast" to the grim situation overheating, the central bank uphold the practice has been stable and moderately tight monetary policy, adopted a series of comprehensive measures to increase financial regulation and control, maintaining an overall balance. Since the beginning, the central bank has increased the intensity of the open market hedge, but also the frequent use of an unprecedented increase the deposit reserve ratio, issuing central bank bills and processing income, and other directional tight monetary policy to cool down the economy.

Facts have proved that the central bank through monetary policy to maintain control of the financial operation of the overall stable monetary and credit growth and economic growth basic line. Statistics show that the steady growth of money supply, the RMB deposits of various financial institutions, growth picked up, financial institutions renminbi loans and economic growth basic adaptation, the nation's foreign reserves increased. As of the end of September, the broad money supply (M2) stood at 39.31 trillion yuan, an increase of 18.45%, an increase sequentially at the end of high 1.39 percentage points, at the end of the previous month high 0.36 percentage points; Financial institutions and foreign currency balance of deposits 39.49 trillion yuan, an increase of 16.00%; financial institutions and foreign currency loans totaled 27.44 trillion yuan, an increase of 17.34%; national foreign exchange reserves amounted to 1.4336 trillion US dollars, an increase of 45.11%.

"Overall financial conditions to improve, but should not be overlooked is that the current macro-control situation is still grim, the policy level can not be relaxed." Financial Chinese People's University Associate Dean of the Faculty fueled the view that from the third quarter, data analysis, the data are still rising faster speed, the banking system excess liquidity problem remains serious. Especially in August the consumer price index (CPI) rose by 6.5% over the 1996 level of 6%, setting a new high over the past 11 years, intensified inflationary pressures. At the same time, foreign trade surplus continues to maintain a growth trend, as of September this year, China has 41 months to achieve consecutive surplus, as at the end of September, foreign exchange reserves of the country have reached 1.4336 trillion US dollars. It can be predicted that in a row this year in a large-scale reduction in China's export tax rebate rate and product appreciation of the RMB circumstances, exports was still difficult to contain, in the short run double surplus pattern will be difficult to reverse, so that the macro-control situation is even more grim.

"Appropriately increase the regulation and control policies, and maintain a reasonable growth of monetary credit." September 28 in the central bank's monetary policy committee held its regular meeting for the third quarter made by the policy arrangements, the central bank will undoubtedly reflect the sober judgment of the current situation. At the same time, the central bank also strengthened with other sectors in macro-control on the synergy with the central bank and the China Banking Regulatory Commission recently launched mortgage austerity policy, that is the embodiment of the comprehensive management.

Associate Professor Yang Yingjie that the Central Party School, on the current situation of China's economic development, market liquidity surplus, the decision of the current monetary policy must continue to maintain stability moderately tight, appropriate regulation and control policies increase, maintain a reasonable growth of monetary credit. At the same time, fiscal policy and monetary policy mix to tightness, monitors; The exchange rate policy, the floating exchange rate should be further relaxation space, but that does not mean that the appreciation of the renminbi accelerated.

However, it is undeniable that raising interest rates, increased the deposit reserve ratio, Yang issued an open market hedge vote, the central bank's monetary policy three major operating space are being compressed, the future regulation of difficulty are constantly increasing: in the United States secondary mortgage liquidity crisis triggered the sudden tightening of the risks, including the Federal Reserve, central banks have to consider the release of liquidity, the central bank moving contrarian growing resistance; With the deposit reserve rate increases, the central bank had to consider the next phase of operation the affordability of commercial banks; In addition, although the central issue for the hedge votes mobility of the "immediate" effect but the high cost of the issuance of the central bank should not be ignored.

In this situation, as appropriate, to use appropriate means to control monetary policy and master control efforts, particularly in terms of the need for the central bank. China International Finance Company Limited chief economist Kazakhstan Ji-ming noted that the next phase of macro-control must not only solve the overall problem, but also face more severe structural problems, while raw materials prices, investment and export consumption structure is irrational, and other structural problems, is not relying solely on monetary policy on to solve. Effective must rely on a variety of macro-control policies "go hand in hand", the central bank can not rely solely on the "one finger", and made necessary monetary policy, fiscal policy and industrial policy and investment "portfolio punch."

The upcoming 17th largest possible the impact of macro-control, Kazakhstan Ji-ming predicted that 17 generals involved in economic policy is programmatic, not introduced specific macro-control policies. The specific economic and financial policies may be in a period of time after the 17 largest developed under the economic development program, and the macroeconomic situation was to be developed and implemented, but also in policy direction is unlikely to have changed significantly.

In a few days, the 17 would hold. It can be predicted that the scientific concept of development under the guidance of macro-control will continue to work on the pursuit of economic development "good" quality and "excellent" structure. During this process, the spirit of "sound" principle, redouble our efforts, through the flexible use of the "multi-step micro-adjustment" of the methods of control, continuously strengthen the scientific and policy perspective, and constantly adjusting the economic growth of "temperature", monetary policy as an important means of macro-control, China's economy will continue to be a steady and rapid growth of powerful support.