The monetary policy committee of the People's Bank of China held its first quarter regular meeting on Friday, reiterating that sound monetary policy should be tightened and moderate, that the general gate of money supply should be properly maintained, that there should be no "flooding" and that liquidity should be kept reasonably abundant, and that the growth rate of broad money M2 and social financing scale should be matched with the nominal growth rate of gross domestic product (GDP).
The website of the Central Bank published a press release of the regular meeting today and said that we should continue to deepen the reform of the financial system, improve the regulatory framework of the two pillars of monetary policy and macro-prudential policy, steadily promote the reform of key areas such as interest rates, and further dredge the transmission channels of monetary policy.
At the same time, we should use a variety of monetary policy tools comprehensively to maintain the basic stability of RMB exchange rate at a reasonable equilibrium level, maintain a balance among interest rates, exchange rates and balance of payments, promote stable and healthy economic development, stabilize market expectations, lay a solid foundation for preventing and resolving financial risks, and maintain the bottom line of non-systemic financial risks.
"At present, China's economy is showing healthy development, economic growth remains resilient, and growth momentum is accelerating transformation. The RMB exchange rate is generally stable, the financial market is expected to improve, and the ability to deal with external shocks is enhanced. Steady monetary policy reflects the requirement of counter-cyclical regulation, macro-leverage rate tends to be stable, and financial risk prevention and control effectiveness appears. According to the press release.
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