Central Bank Will Push Differential Reserve Dynamic Adjustment

The return of money supply to normality is the primary task of monetary policy next year.

24, reporters learned from the central bank.

Recently, the central bank held some major financial institutions and people's Bank branches responsible comrades meeting.

Hu Xiaolian pointed out that in the next stage, the central bank should combine the total regulation of money and credit and liquidity management with a sound macro Prudential policy framework in accordance with the requirements of the Central Committee on speeding up the establishment of a framework for macro Prudential Management of the counter cyclical financial system. It should make use of the dynamic adjustment of differential reserves and play the role of conventional monetary policy tools, such as interest rates, deposit reserve ratio and open market operations.

Hu Xiaolian introduced that the differential reserve dynamic adjustment is further improved and standardized on the basis of the original differential reserve. Its adjustment is based on the deviation of the total amount of social financing, the credit development of banks and the major socio-economic development goals, and the impact of specific financial institutions on the whole deviation. Taking into account the importance of financial institutions and the steady state of institutions and the implementation of the state credit policy, we aim to recycle more liquidity and guide financial institutions to provide loans reasonably, moderately and smoothly, optimize the credit structure, and embody the requirements of macroeconomic regulation and control.

At the same time, the dynamic adjustment of differential reserves also provides financial institutions with the initiative to meet the requirements of macro Prudential policy, and enhances the resilience mechanism of risk prevention ability from two aspects of raising capital level and improving asset quality, so as to prevent the accumulation of systematic risks in the pro cyclical period.

In addition, after the central economic work conference set the tone for monetary policy as "prudent", the central bank made the first detailed introduction to the specific content of prudent monetary policy at that meeting.

Hu Xiaolian pointed out that monetary policy from moderate easing to stability is an important change in macro policy orientation.

At present, the extreme turbulence of the international financial crisis has eased somewhat. The recovery of the developed economies is relatively slow and still not stable enough. Overall, the external demand situation has been improved correspondingly. China's economic growth momentum has further consolidated, and we can continue to maintain steady and rapid economic growth through the implementation of prudent monetary policy.

On the one hand, the return of monetary policy to stability is conducive to strengthening the management of inflation expectations and preventing asset price bubbles. On the other hand, timely return of monetary policy to stability is more conducive to promoting economic structural adjustment and pformation of development mode, helping banks to adjust their credit structure. Moreover, a stable monetary policy is also conducive to preventing systemic financial risks, and guiding financial institutions to strengthen the adjustment of capital scale and structure.

Hu Xiaolian said that prudent monetary policy first means controlling the total amount of money.

From moderate easing to prudent monetary policy, it means that the growth of total supply of money based on M2 should be lower than the moderate easing period, and fall to the general level of the prudent monetary policy stage in the past.

"The return of money supply to normality is the most important task of monetary policy next year. Only by returning to normality can we achieve the requirements of the central authority's total liquidity gate."

Second, we should maintain a reasonable and moderate increase in total loans.

The growth of bank credit should be consistent with the main goals of achieving social and economic development. In particular, we should consider the objectives of economic growth and inflation control.

Thirdly, we should continue to optimize the credit structure, guide commercial banks to increase credit support for key areas and weak links, strictly control loans to the "two high" industries and overcapacity industries, serve the overall situation of economic restructuring, and provide dynamic support for the sustainable development of the economy.

Fourth, we must guard against systemic financial risks effectively.

We should attach great importance to the potential risks of cyclical systemic risks that may accumulate in the rapid economic development, such as loose liquidity and large credit.