the latest regular meeting of the central bank: improve the accuracy of monetary policy control and promote the implementation of new tools
2024-09-30
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after the rrr and interest rate cuts were implemented, the third regular meeting of the central bank's monetary policy committee in 2024 released the latest judgments and requirements on the economic situation, monetary policy tools, etc.
on september 29, the central bank announced that the 2024 third quarter (106th overall) regular meeting of the monetary policy committee of the people's bank of china will be held in beijing on september 25.
regarding the domestic economic situation, the third quarter regular meeting held that my country's economic operation is generally stable and high-quality development is solidly advanced, but it still faces challenges such as insufficient effective demand and weak social expectations. the second quarter regular meeting stated that "my country's economic performance continues to pick up and improve" and "we must seek progress while maintaining stability, promote stability through advancement, establish first and then break, and continuously consolidate the foundation for stability and improvement."
regarding the international economic and financial situation, the third quarter regular meeting pointed out that the uncertainty brought about by changes in the current external environment has increased, the world economic growth momentum is not strong, inflationary pressure has eased, the economic performance of major economies has diverged, and monetary policy has entered an interest rate cutting cycle. .
in terms of monetary policy, it is necessary to implement prudent monetary policy accurately and effectively, pay more attention to counter-cyclical adjustments, better utilize the dual functions of monetary policy tools in terms of total volume and structure, strive to expand domestic demand, boost confidence, and promote the continued recovery of the economy.
the meeting also pointed out that monetary policy control should be intensified, and compared with the previous meeting, it was proposed to "improve the accuracy of monetary policy control."
in terms of liquidity and credit supply, the third quarter regular meeting continued to maintain reasonable and sufficient liquidity, guide the reasonable growth and balanced supply of credit, keep the scale of social financing and money supply in line with the expected goals of economic growth and price levels, and promote the maintenance of reasonable prices. level and other formulations.
in terms of interest rates, the third quarter regular meeting proposed to improve the formation and transmission mechanism of market-based interest rates, strengthen the guiding role of central bank policy interest rates, give full play to the role of the self-discipline mechanism for market interest rate pricing and the effectiveness of the market-based adjustment mechanism for deposit interest rates, and promote the stabilization of corporate financing and residents' credit costs. there is a drop.
this regular meeting once again expressed concern about long-term yields. the meeting proposed to enrich the monetary policy toolbox, conduct government bond trading, and pay attention to changes in long-term yields. the second quarter meeting stated that “during the economic recovery, we must also pay attention to changes in long-term yields.”
as the rmb exchange rate appreciated in the third quarter, the central bank proposed in its latest regular meeting that it should strengthen the guidance of expectations, enhance exchange rate flexibility, maintain the basic stability of the rmb exchange rate at a reasonable and balanced level, prevent the formation of unilateral consensus expectations and self-reinforcement, and prevent the exchange rate overshoot risk. the proposal at the last quarter’s regular meeting to “comprehensively implement policies, correct deviations, stabilize expectations, and resolutely correct procyclical behavior” did not appear.
in terms of structural monetary policy tools, the third quarter regular meeting pointed out that it is necessary to effectively implement various existing structural monetary policy tools and promote the implementation of new tools such as securities, funds, insurance company swap facilities and stock repurchases, holdings, and re-lending. , maintain the stability of the capital market.
on september 24, the central bank announced the creation of new monetary policy tools to support the stable development of the stock market at a press conference held by the state council information office.
the first is to create swap facilities for securities, funds, and insurance companies to support qualified securities, funds, and insurance companies to obtain liquidity from the central bank through asset pledge. this policy will significantly enhance the institution's ability to obtain funds and stock growth. maintain ability. the second item is to create special re-loans for stock repurchases and shareholding increases, to guide banks to provide loans to listed companies and major shareholders, and to support repurchases and shareholding increases. the central bank will issue re-loans to commercial banks, and the financial support ratio provided is 100%. the re-loan interest rate is 1.75%. the interest rate on loans issued by commercial banks to customers is around 2.25%.
the initial operation scale of the above two tools is 500 billion yuan and 300 billion yuan respectively. the central bank said that the scale may be expanded in the future depending on the situation.
in terms of real estate finance, the third quarter regular meeting proposed that we should fully understand the new changes in the supply and demand relationship in the real estate market, comply with the new expectations of the people for high-quality housing, strive to promote the implementation of financial policies and measures that have been introduced, support the revitalization of existing idle land, and reduce the existing mortgage interest rates. promote the stable and healthy development of the real estate market. increase financial support for the "market + guarantee" housing supply system and promote the acceleration of the construction of a new model of real estate development.
the paper reporter chen yueshi
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