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On August 9, the People's Bank of China released the second quarter monetary policy implementation report, summarizing the implementation of monetary policy in the first half of the year and revealing the main ideas for monetary policy in the next stage.

The central bank stressed that it would enrich the monetary policy toolbox, enrich and improve the methods of basic money supply, and gradually increase the purchase and sale of treasury bonds in the central bank's open market operations. It would pay close attention to the monetary policy changes of major overseas central banks, continue to strengthen the analysis and monitoring of the supply and demand of liquidity in the banking system and changes in the financial market, flexibly and effectively carry out open market operations, carry out temporary positive and reverse repurchase operations when necessary, and use a variety of monetary policy tools to maintain reasonable liquidity in the banking system and stable operation of money market interest rates.

The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reforms and Promoting Chinese-style Modernization" proposes to accelerate the improvement of the central bank system and smooth the monetary policy transmission mechanism.

An industry expert believes that since the beginning of this year, the central bank's monetary policy has been well-intentioned to support economic recovery and improvement. Three rounds of major policy combinations have been introduced, which effectively reflect counter-cyclical regulation: first, take the lead in helping the economy get off to a good start; second, grasp the key to alleviate the drag of real estate on the economy; third, deepen reform.

"The series of monetary policy operations by the central bank since late July are not only short-term macroeconomic regulation, but also a reflection of the medium- and long-term financial reform ideas. The overall reform ideas of the central bank's monetary policy framework are clear, and the overall pace of reform will be steadily and orderly in the future," said the expert.

Reform of monetary policy framework is progressing in an orderly manner