www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

China to stay on 'normal' policy path

By CHEN JIA | China Daily | Updated: 2020-11-28 08:05
Share
Share - WeChat
The People's Bank of China. [Photo/Sipa]

PBOC report: Interest rates to be kept at low levels to support small firms

China will maintain a normal monetary policy for as long as possible and keep interest rates at a relatively low level to support small business financing and maintain ample liquidity in the system, the People's Bank of China, the central bank, said.

The PBOC statement in its quarterly monetary policy report will help remove concerns that a "normalized policy" would lead to tight financial conditions, as the economic recovery has been faster than expected, experts said on Friday.

The central bank has also reiterated its pledge to make the prudent monetary policy more targeted and flexible, and guide the actual interest rates in financial markets to steadily float around the relatively lower policy rates.

That means a further rate cut is unlikely in the near future, said the experts. The PBOC report shows that monetary authorities are relatively confident about the economic outlook. It also rules out the possibility of a "flood-like" stimulus, they said.

The report, which was published on Thursday, also said that as one of the major economies that maintains "normalized" monetary policy, China does not need to inject liquidity by expanding the central bank's balance sheet-a method which allows central banks to purchase equities in financial markets, something that central banks in some advanced economies are already doing.

"The PBOC report also excludes the possibility of liquidity tightening or a quick rate hike, although the central bank is phasing out some of the stimulus launched since the novel coronavirus outbreak," said Yang Yewei, an analyst at Guosheng Securities.

The central bank has indicated that it will continue to deploy structural policy tools, including relending and rediscount programs, to support smaller businesses and secure sufficient jobs. It expects full-year renminbi-denominated loans to rise to 20 trillion yuan ($3.04 trillion) this year, compared with 16.81 trillion yuan in 2019, while total social financing may reach 30 trillion yuan or more, indicating stronger support to the real economy.

Zhong Zhengsheng, chief economist with Pingan Securities, said: "Interbank liquidity levels have been normalizing. Most of the interest rates in the open market have returned to pre-COVID levels and credit growth has slowed. Government bond yields have also risen since the middle of the year amid signs of an economic recovery and expectations of a withdrawal of monetary stimulus".

Zhong expects that part of the relending and rediscount programs, which totaled 800 billion yuan, may be phased out when they reach maturity in 2021. The central bank is also likely to cut the reserve requirement ratio next year to inject liquidity, he said.

The central bank also stressed in the report on the need to keep macro leverage levels stable, in line with the PBOC Governor Yi Gang's speech in October that emphasized the need to control the overall money supply.

The macro leverage ratio is expected to stabilize as economic growth gradually returns to the targeted growth rate, while pressure from nonperforming loans will rise in the future, said the report.

Li Chao, chief economist with Zheshang Securities, said that stabilizing macro leverage ratio, or the debt-to-GDP ratio, will be the top focus for China's monetary policy in the coming months. That will partially rely on the slowing credit growth and total social financing next year.

The central bank has issued monetary actions of 9 trillion yuan this year to tackle the COVID-19 pandemic, while enterprises may save 1.5 trillion yuan this year through the timely measures enacted by companies to boost the real economy. During the first 10 months of this year, financial institutions saved enterprises around 1.25 trillion yuan, said the report.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 美国aaaa一级毛片啊 | 国产日韩精品一区二区三区 | 国产成人一区在线播放 | 一区二区日韩欧美 | 日本久久久久久久 | 97免费公开视频 | 亚洲成年人网址 | 久久久免费观看视频 | 亚洲欧洲精品国产二码 | 欧美在线二区 | 午夜国产视频 | 国产精品一区二区四区 | 国产精品夜色视频一区二区 | 日本精品中文字幕有码 | 日韩精品一区二区三区中文在线 | 成人午夜免费视频 | 99re在线精品视频 | 国产区在线免费观看 | 91av福利视频| 一本久| 一级毛片在线不卡直接观看 | 成人免费一区二区三区视频软件 | 免费被黄网站在观看 | 久久99精品久久久久久三级 | 欧美亚洲精品在线 | 欧美巨大精品欧美一区二区 | 91精品一区二区三区在线观看 | gv手机在线观看 | 欧美一级毛片100部 欧美一级毛片aaaaa | 韩日一级片 | 成人国产第一区在线观看 | 午夜爱爱毛片xxxx视频免费看 | 日本免费观看的视频在线 | a级午夜毛片免费一区二区 a级性生活视频 | 大学生一级一片第一次欧美 | 欧美激情成人网 | 亚洲成a人片在线播放 | 久久精品99精品免费观看 | 在线aaa| 一级大黄美女免费播放 | 欧美成人午夜免费完成 |