the transmission mechanism of monetary policy

　　Zhu Hexin, deputy governor of the people's Bank of China, said at the State Council policy briefing on the 21st that the next stage, the central bank will improve the forward-looking, flexible and effective policies, and implement the financial system. Serving the work related to the real economy. On the one hand, it is necessary to strengthen overall coordination, not only to form policy synergies, but also to prevent policy superposition. On the other hand, we must grasp the degree of goodness and maintain strategic strength. Supply good money to the general gate and keep the liquidity reasonable and sufficient. Balance the relationship between multiple objectives, unblock the transmission mechanism of monetary policy, improve the ability and willingness of financial services to the real economy through mechanism innovation, and effectively alleviate the problem of difficult financing for corporate financing.
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　　Zhu Hexin said that since the beginning of this year, monetary policy has made a lot of efforts in terms of quantity, price and structure. Loans maintained rapid growth, the liquidity of the banking system was reasonably abundant, the risk-free interest rate dropped significantly, and the interest rates of medium and high-grade bonds fell significantly. At the same time, it should also be noted that the current influencing factors of the monetary policy transmission mechanism have increased. The central bank has injected liquidity into the banking system and is subject to the supply of funds and the willingness and ability of both parties. Credit expansion is subject to multiple constraints on the supply side and the demand side. Sometimes there is a situation in which the financial system is “rich” and difficult to use.
　　"To further clear the monetary transmission mechanism is of great significance to promoting a virtuous circle of financial and real economy and preventing systemic risks. It is a key measure to break through the last mile of the financial service entity economy. It is necessary to diversify the monetary policy transmission mechanism. Zhu Hexin said: First, monetary policy should deal with the relationship between stable growth and risk prevention, internal balance and external balance, macro-capacity and micro-credit, and insist on the general direction of structural de-leverage. Second, financial institutions should sink their financial management and service focus, rationally cover risks, optimize assessment incentives, and enhance the internal motivation of serving small and micro enterprises in accordance with the principle of financial sustainability. The third is to coordinate and coordinate with other departments, give full play to the "several lifts" and continue to do a good job in the financial services of small and micro enterprises. Fourth, in the long run, through reforms, we will work hard to ease the channels of monetary policy, optimize the allocation of financial resources, and support the long-term sustainable development of the real economy chronic illness.
　　In easing the financing difficulties of small and micro enterprises and reducing the financing costs, Zhu Hexin said that he will further exert the policy synergy, do a good job of policy coordination, and play the role of “several lifts” to effectively improve the quality and efficiency of financial services for small and micro enterprises. First, enhance the transmission effect of monetary policy, continue to use credit policies to support re-lending, rediscounting and other tools, guide financial institutions to increase financial support for small and micro enterprises, and use macro-prudential assessment to guide financial institutions to use RRR cuts for support. Small and micro enterprises. The second is to deepen the financing function of the bond market, vigorously develop high-yield bonds for SMEs, and encourage bond credit promotion institutions to support commercial banks to issue small and micro enterprise financial bonds through credit risk mitigation tools. The third is to consolidate the main responsibilities of financial institutions and guide financial institutions to improve the cost-sharing and revenue-sharing mechanisms for small and micro enterprises. We will implement internal fund transfer price concessions, implement due diligence and mobilize the enthusiasm of frontline credit officers. The fourth is to do a good job in supervision and evaluation, improve and improve the mechanism of small micro-credit policy-oriented effect evaluation, strengthen the promotion of good experience and practice, and investigate and deal with collusion, fraud, fraud, and other frauds in small and micro enterprises and financial institutions. Violation of laws and regulations, the implementation of cross-departmental multi-level breach of trust and joint punishment.
　　Regarding the RMB exchange rate, Li Bo, director of the Monetary policy Department of the people's Bank of China, said that the first is that the RMB exchange rate is mainly determined by market supply and demand. Since the beginning of last year, the renminbi has risen against the US dollar, and the flexibility of the renminbi exchange rate has also increased significantly. What we emphasize is to give more play to the decisive role of the market in the formation of exchange rates, not to engage in competitive devaluation, nor to use the RMB exchange rate as a tool to deal with external disturbances such as trade friction. Second, while maintaining the flexibility of the exchange rate, the central bank also adhered to the bottom line thinking, and also adjusted the foreign exchange supply and demand counter-cyclical adjustment through macro-prudential policies when necessary to maintain the smooth operation of the foreign exchange market. Third, the exchange rate is ultimately determined by economic fundamentals. The fundamentals of the Chinese economy are stable and good, providing strong support for the RMB exchange rate. We have the confidence and ability to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
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　　In addition, in terms of deleveraging, Ji Zhihong, director of the Financial Markets Department of the people's Bank of China, said that from the implementation of supply-side structural reforms in the past few years, it has achieved remarkable results by not making a one-size-fits-all approach and grasping the strength and pace of de-leveraging. The macro leverage ratio has generally stabilized. In 2017, China's leverage ratio was 248.9%, and it remained at this level in the second quarter of this year. The macro leverage ratio has basically stabilized. From a structural point of view, the asset-liability ratio of state-owned enterprises has dropped significantly. In the second quarter of this year, the leverage ratio of the corporate sector has declined, the management of implicit debts of local governments has been regulated, and the rate of increase in leverage of the household sector has also declined. The leverage structure has been optimized. situation.
　　The article was transferred from: http://www.xinhuanet.com/money/2018-08/22/c_1123306238.htm