The People's Bank of China released the report on the implementation of monetary policy in China in the fourth quarter of 20 19 on June 5438+09, and pointed out that in the next stage, the counter-cyclical adjustment of monetary policy will be scientifically and steadily grasped, and the monetary and credit support for the prevention and control of the COVID-19 epidemic will be strengthened. Improve the benchmark interest rate and market-oriented interest rate system, improve the LPR transmission mechanism, and resolutely break the implicit lower limit of loan interest rate.
After the LPR reform, the loan interest rate dropped sharply.
The report pointed out that it is necessary to further deepen the reform of interest rate marketization and improve the efficiency of financial resource allocation. Improve the benchmark interest rate and market-oriented interest rate system, improve the LPR transmission mechanism, promote the conversion of benchmark pricing of existing floating rate loans, promote banks to actively and orderly use LPR pricing, change traditional pricing thinking, resolutely break the implicit lower limit of loan interest rates, and smooth the transmission channels of monetary policy. Give full play to the role of market interest rate pricing self-discipline mechanism, maintain fair pricing order, strictly implement the annualized interest rate requirements of express loans, and effectively protect the rights and interests of financial consumers.
The report shows that since 20 19 years, LPR has declined slightly, and the weighted average interest rate of loans has dropped significantly. 20 1 165438+2009 10, the 0-year LPR decreased by 5 basis points to 4.10, and the LPR over 5 years was 20/. The weighted average interest rate of new loans in February 20 19 was 5.44%, which was 0. 18 percentage point lower than that in September 20 19 and 0.2 percentage point lower than that in September 20 19. From the beginning of 20 19 to July, the weighted average interest rate of new corporate loans fluctuated around 5.30%, and the loan interest rate dropped significantly after LPR reform. 20 19 February, the weighted average interest rate of new corporate loans was 5. 12%, which was 0.2 percentage points lower than that before LPR reform. It is the lowest point since the second quarter of 20 17, and the decline is obviously greater than LPR, which reflects that LPR reform is playing a role in enhancing the independent pricing ability of financial institutions, improving the competitiveness of the loan market and promoting the downward trend of loan interest rates.
It is worth noting that February 20th is the quotation date of the new LPR. After the previous reduction of MLF operating interest rate, the market generally expects that the new LPR will be lowered accordingly. It can be expected that with the continuous decline of LPR, the interest rate of new loans is expected to decline in the future, and the part of existing loans with higher interest rate is also expected to be reset, and the role of LPR in guiding the decline of loan interest rate will be more fully demonstrated.
Scientifically and steadily grasp the strength of countercyclical adjustment
The report pointed out that in 2020, the People's Bank of China will scientifically and steadily grasp the countercyclical adjustment of monetary policy to ensure the economic operation in a reasonable range.
First, scientifically grasp the degree of total quantity. At present, the intermediate target of monetary policy is changed to broad money M2, and the growth rate of social financing scale is basically matched with the nominal growth rate of GDP, which is the key to scientifically and steadily grasp the countercyclical adjustment of monetary policy, which not only takes into account economic growth, but also helps to maintain price stability.
The second is to effectively grasp the degree of structure. Use structural monetary policy for precise drip irrigation, give play to the role of "three grades and two excellent" deposit reserve framework, make good use of tools such as targeted cuts to required reserve ratios, refinancing, rediscount and macro-prudential evaluation, intensify structural adjustment, and support supply-side structural reform. Guide funds to invest in advanced manufacturing, people's livelihood construction, infrastructure shortcomings and other areas that benefit both supply and demand, and support high-quality economic development.
The third is to intensify reform and further deepen the marketization reform of interest rates and exchange rates. Use reform to dredge the transmission of monetary policy and strengthen the formation, transmission and regulation mechanism of market-oriented interest rates. We should base ourselves on the external balance, maintain the flexibility of RMB exchange rate, improve the macro-prudential policy of cross-border capital flow and strengthen the coordination of international macro-policies. Adhere to the decisive role of the market in the formation of the exchange rate and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The report emphasizes that maintaining a reasonable and sufficient liquidity and promoting the growth of money, credit and social financing are compatible with economic development. Flexible use of a variety of monetary policy tools to support high-quality development with moderate monetary growth and effectively support economic operation in a reasonable range. Enhance the predictability, accuracy, initiative and effectiveness of regulation and control, timely pre-adjust and fine-tune according to economic growth and price changes, accurately grasp the degree of regulation and control, strengthen the expected guidance, and safeguard China's position in a few countries with normal monetary policies among the world's major economies.
Increase credit support for epidemic prevention and control
The report proposes that epidemic prevention and control should be the primary task at present, and monetary and credit support for epidemic prevention and control in COVID-19 should be strengthened.
The report requires that major banks in China and local corporate banks in 10 key provinces (cities) make full use of special refinancing to quickly and accurately use the funds for key enterprises directly involved in epidemic prevention. The list management system shall be implemented for key enterprises directly involved in the production, transportation and sales of key medical articles and daily necessities, and financial institutions shall be supported to provide preferential interest rate credit support to enterprises on the list. Guide financial institutions to actively strengthen service docking with related hospitals, medical research institutions and related enterprises, and provide sufficient credit resources. Wholesale and retail, accommodation and catering, logistics and transportation, cultural tourism and other industries that are greatly affected by the epidemic, as well as small and micro enterprises with development prospects but temporary difficulties, are not allowed to blindly lend, cut off loans or suppress loans. Enterprises seriously affected by the epidemic situation may extend or renew their loans if it is difficult to repay them at maturity. On the premise of doing a good job in prevention and control, we will fully support all kinds of production enterprises to return to work. Support related enterprises to overcome the impact of epidemic disasters by appropriately reducing loan interest rates, increasing credit loans and medium and long-term loans. Strengthen financial services in areas related to epidemic prevention and control, and provide differentiated and preferential financial services to regions, industries and enterprises that are greatly affected by the epidemic.
Comprehensive arrangement of self-network