在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

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

Financial stability to rule economic goals

By Chen Jia | China Daily | Updated: 2019-11-21 07:00
Share
Share - WeChat
The People's Bank of China headquarters in Beijing, Aug 3, 2018. [Photo/IC]

Building modern, central banking system and lower systemic risks to be key priorities

The creation of a modern, central banking system and ensuring financial stability will be the key objectives of China's macroeconomic goals, along with the ongoing efforts to further facilitate supply-side structural reforms, according to officials and economists.

The Fourth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC), held late last month, emphasized the necessity of building a modern central banking system, improving the base money issuance mechanism, and enhancing the marketoriented interest rate system.

It also stressed the need to strengthen capital market fundamentals, improve the modern financial system to one that is highly adaptable, competitive and inclusive, and effectively prevent and resolve financial risks.

The People's Bank of China, the central bank, has already included the essence and spirit of the fourth plenary session in its key work tasks for 2020, according to a statement on the bank's website. The PBOC will focus on improving financial, macroeconomic management, as well as enhancing macro prudential regulations in next year's plan, it said.

Accelerating financial supplyside structural reform and continually deepening high-quality financial opening-up are among the major targets for next year, it said. During that process, systemic financial risks should also be prevented, the central bank said.

Economists expect the market-oriented interest rate reform to further deepen in the following months, featured by the new loan prime rate (LPR) mechanism that reflects the reported loan rates from 18 representative banks' best clients. As of September, about 46.8 percent of the new loans in the country are using the LPR as reference, the PBOC said.

On Wednesday, the central bank cut its one-year LPR to 4.15 percent from 4.20 percent in October. The five-year LPR was lowered by the same margin to 4.80 percent from 4.85 percent.

PBOC Vice-Governor Liu Guoqiang said the central bank will encourage banks to increase the use of the LPR. Banks should take prompt measures as required to improve their information systems and update contract texts relating to lending rate pricing, and start using the LPR as the major pricing reference for new loans.

"It is foreseeable that after the current round of LPR reforms, the monetary policy price adjustment mechanism may become a 'double lever, double pathway' system," Cheng Shi, chief economist, managing director and head of the research department of ICBC International, told China Daily.

The market-oriented interest rate reform would target the signal conflicts and marching toward a mature system in the future, said Cheng. "A continuous interest rate marketization process, accompanied with an accelerating improvement of interest rate corridor efficiency, would inhibit the liquidity stratification (between the large and small banks) fundamentally."

"Innovation of monetary policy tools and an expansion in the scale of institutions capable of issuing base money are necessary for improving the base money issuance mechanism," said Ming Ming, a senior analyst with CITIC Securities.

Ming said foreign exchange rate reforms will accelerate, with the yuan's opening price for each trading day to be determined by the market, with a broader trading band. Currently the onshore yuan is allowed to move up or down from its central parity rate, or the daily trading reference price, by 2 percent.

Financial stability could also be strengthened under the modern central banking system, said experts. But this would require quick responses from monetary authorities to strains within the financial system, deft approaches to systemic risks and having a more macro-prudential approach.

On Tuesday, Yi Gang, governor of the People's Bank of China, held a meeting with executives of financial institutions. A statement issued after the meeting said banks should enhance countercyclical adjustments to strengthen economic growth, especially through higher credit support.

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: 欧美a√| 91免费版在线看 | 国产美女永久免费无遮挡 | 操人网| 日韩欧美精品一区二区三区 | 99精品国产在热久久 | 欧美一区二区三区aa大片漫 | 4虎av| 一级毛片免费高清 | 久草免费在线 | 亚洲毛片 | 日韩1区 | 午夜操操| 国产欧美精品一区二区 | 一区二区三区欧美在线 | www.欧美 | 成人在线超碰 | 四虎www| 黄色一级大片视频 | 国产亲子乱弄免费视频 | 欧美精品二区三区四区免费看视频 | 欧美在线视频一区二区 | 欧美激情网站 | 国产区一区 | 91最新网站 | 日韩精品在线一区 | 视频在线一区二区 | 精品欧美一区二区三区 | 一区二区三区国产视频 | 亚洲免费视频大全 | 亚洲免费精品 | 国产福利久久久 | 福利视频一区二区 | 91福利影院在线观看 | 久久久美女 | 久久99精品热在线观看 | 91精品国产综合久久久久久丝袜 | 国产精品久久久久久久久久久久久久 | 日本在线精品 | 欧美亚洲一级 | 日本黄色三级网站 |