CCTV News:On the afternoon of January 24th, the State Council Press Office held a press conference, and the relevant person in charge introduced the high-quality development of the financial services real economy. In view of China’s price trend and China People’s Bank’s policy, Pan Gongsheng, governor of China People’s Bank, said that in the future, cross-cycle and countercyclical adjustment will be strengthened to create a good monetary and financial environment for economic growth and price stability.
Pan Gongsheng said that in the use of monetary policy tools, the People’s Bank of China will strengthen cross-cyclical and counter-cyclical adjustment to create a good monetary and financial environment for economic growth and price stability.
Pan Gongsheng said that in the future, we should make concerted efforts of policies to support the expansion of domestic demand, promote the matching of supply and demand and promote a virtuous circle of the economy by increasing residents’ income, expanding employment, improving the social security system and implementing the consumption-driven strategy in depth.
China’s monetary policy has always adhered to me.
In view of the current trend of RMB exchange rate, Pan Gongsheng said on January 24th that China’s monetary policy has always adhered to the principle of "giving priority to ourselves" while giving consideration to internal and external balance.
Pan Gongsheng said that in 2023, faced with the spillover effect of monetary policy in developed economies, the People’s Bank of China, based on domestic economic development, lowered the policy interest rate twice and the deposit reserve ratio twice, maintained a reasonable and sufficient market liquidity, optimized the credit structure and strongly supported the real economy.
At the same time, the People’s Bank of China and the State Administration of Foreign Exchange, based on the supply and demand of the foreign exchange market, have stabilized market expectations through macro-prudential management and other measures. Generally speaking, the RMB exchange rate has remained basically stable under the complicated situation.
Promote foreign exchange facilitation and serve the real economy.
At the press conference, Zhu Hexin, deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said that in the reform of foreign exchange facilitation, we will continue to promote the reform of foreign exchange facilitation on the basis of overall planning for high-quality development and high-level security, so as to serve the real economy and make China’s long-term economic recovery more stable.
Zhu Hexin said that the State Administration of Foreign Exchange will actively promote the facilitation of cross-border trade and investment and financing, focusing on technological innovation and small and medium-sized enterprises, and strive to improve the coverage of facilitation business. At the same time, through the cross-border financial service platform empowered by science and technology, the problems faced by small and medium-sized enterprises will be effectively solved.
In December 2023, the State Administration of Foreign Exchange introduced nine measures to help cross-border trade and investment and financing packages. Zhu Hexin said that next, we will focus on the work such as policy landing, which will really make enterprises feel convenient.
Continue to improve the "two-in-one" management of the foreign exchange market
Zhu Hexin said that the State Administration of Foreign Exchange will continue to make efforts to improve the "macro-prudential+micro-regulatory" management of the foreign exchange market.
On the one hand, improve the monitoring and early warning response mechanism of cross-border capital flows, strengthen market communication and expected guidance, and keep the RMB exchange rate basically stable. On the other hand, strengthen the full coverage of supervision in the foreign exchange field, strengthen cross-border RMB supervision, find out abnormal situations in time, and severely crack down on illegal activities. At the same time, we will make every effort to ensure the safe flow and preservation and appreciation of foreign exchange reserve assets.
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