三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

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

Adjustments to monetary policies eyed

Market stability, liquidity management emphasized to achieve growth targets

By ZHOU LANXU and OUYANG SHIJIA | CHINA DAILY | Updated: 2025-01-15 07:01
Share
Share - WeChat

China will adjust the intensity and pace of monetary policies at the right time to support the achievement of annual economic targets, officials said on Tuesday, reaffirming the market's accommodative monetary environment for 2025.

Taking the domestic economic situation as the main consideration in setting policy, central bank officials vowed to expand the scope of interest rate cuts and optimize policy tools that are supportive of the stock market, while warning against excessive speculation on the decline in the yields of Chinese treasury bonds.

Xuan Changneng, deputy governor of the People's Bank of China, the country's central bank, said at a news conference that macroeconomic policies will continue to enhance countercyclical adjustments to support the achievement of annual economic and social development goals.

"We will adjust and optimize the intensity and pace of policies at the right time, based on domestic and international economic and financial conditions, as well as the operation of financial markets," Xuan said, adding that the resilience of the yuan exchange rate has provided the conditions for China's monetary policy maneuvering.

A comprehensive use of monetary policy tools, such as interest rates and the reserve requirement ratio, which is the proportion of deposits that banks must keep as reserves, will be employed to ensure ample liquidity and an accommodative financing environment, he said.

To tamp down the financing costs that enterprises and individuals face, Xuan said the central bank will reduce banks' liability costs by maintaining deposit market order while stepping up capital replenishment of banks, financed by government bond issuances.

Wang Tao, head of Asia economics at UBS Investment Bank, said that policymakers "are showing a clear determination to stabilize economic growth". Wang predicted that the PBOC will cut the policy benchmark of interest rates by 30 to 40 basis points this year, after cuts of 30 basis points in 2024.

As the country launched incremental policies to revive economic growth and increased government bond issuances late last year, China's broad money supply, a leading economic indicator, recovered in December.

China's broad money supply, or M2, stood at 313.53 trillion yuan ($42.8 trillion) as of the end of 2024, up 7.3 percent year-on-year. The growth was up from 7.1 percent a month earlier, the central bank's data showed on Tuesday.

"Improvements in the expectations of economic growth will eventually be reflected in treasury yields," said Zou Lan, head of the PBOC's monetary policy department, warning against the risk of betting on a consistent decline in Chinese long-term treasury bond yields.

The PBOC said last week that it will suspend open market treasury bond purchase operations starting this month, after the 10-year Chinese treasury yield hit a historical low. Bond yields go in the opposite direction of prices.

Zou said the decision was aimed at avoiding an exacerbation of bond market fluctuations, adding that the central bank is using other tools to inject liquidity.

Xiong Yuan, chief economist at Guosheng Securities, said that with the central bank suspending its purchases of government bonds, the need for cutting the reserve requirement ratio to maintain ample liquidity has increased, and such a cut could come as early as the end of this month.

Zou added that the PBOC will optimize the design of two newly launched policy tools to stabilize the stock market, making it more convenient for enterprises and financial institutions to obtain ample funding to boost investment.

As of the end of 2024, the PBOC and financial institutions had swapped more than 100 billion yuan of securities via the securities, funds and insurance companies swap facility, to help financial institutions get liquid assets, the central bank said. Financial institutions exchange low-liquidity securities for high-liquidity ones, and then use these securities to finance the purchase of stocks.

Meanwhile, the issuance of panda bonds — onshore renminbi bonds issued by overseas financial institutions and enterprises — reached almost 200 billion yuan in 2024, a 32 percent increase from the previous year, while the issuance of offshore yuan bonds grew 150 percent year-on-year, according to the PBOC.

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: 一级黄色片一级黄色片 | 中国精品视频一区二区三区 | 中国一级毛片视频 | 日韩欧美中文字幕在线视频 | 精品推荐国产麻豆剧传媒 | www.国产一区二区三区 | 欧美在线观看视频免费 | 久久久久久久久久久96av | 岛国毛片一级一级特级毛片 | 国产精品成人69xxx免费视频 | 色天天综合 | 91精品网站 | 久久中文字幕制服丝袜美腿 | 大尺度一级毛片波多野结衣 | 人人干人人玩 | 国产精品日本欧美一区二区 | 国产色图片 | 亚洲视频第二页 | 艾小青亚洲专区在线播放 | 国产午夜视频高清 | 亚洲精品一区二区三区中文字幕 | 亚洲 欧美 91| 亚洲影视一区二区 | 久久久国产99久久国产首页 | 在线一区免费视频播放 | 国产日本久久久久久久久婷婷 | 奇米影视中文字幕 | 中文字幕曰韩一区二区不卡 | 国产成人v爽在线免播放观看 | 精品午夜久久影视 | 二区三区在线观看 | a级精品九九九大片免费看 a级情欲片在线观看免费女中文 | 欧美最新的精品videoss | 欧美一区二区免费 | 香蕉一区二区三区观 | 午夜老司机永久免费看片 | 欧美亚洲综合视频 | 欧美一级毛片无遮 | 成人午夜小视频手机在线看 | 97精品高清一区二区三区 | 片成年免费观看网站黄 |