The central bank officials believe that the use of monetary policy tools should be appropriately relaxed in a special period, and the policy effect is improved by expanding the policy coverage; when the economic downward pressure is still large, it can further guide the interest rate of the loan, especially through guidance through guidanceThe decline in deposit interest rates to expand the downward space for loan interest rates.
According to Reuters, Xu Nuojin, president of the Central Bank of China Zhengzhou Center Branch, wrote in the China Financial Times that it should explore the implementation of regional differentiated monetary policies and tilt to the central and western regions in the aspects of reserve and re -loan re -discounting policy;It can be considered to launch tools such as new infrastructure special re -loans, and policy banks will be tried first to stimulate the coordinated efficiency of currency and fiscal policy.
Xu Nuojin said that due to specific reasons, the coverage of monetary policy launched in the epidemic is still gapd away from society.From the perspective of re -loan and re -discounting policy, the requirements of the central bank rating and macro -prudential assessment results have restricted the scope of use of re -loan and re -discounting.
He suggested that when suffering a major impact, financial institutions that temporarily or do not meet the requirements for central bank rating and macro -prudential assessment results may be under the premise of improving the guarantee and increasing cost of use (re -loan re -discount interest rate).Allows legal person financial institutions to apply for reinstatement and discounting; in terms of inclusive small and micro -enterprise credit loan support plan tools, in the case of providing high -quality pledges, the central bank rating requirements can be reduced from level 1 to 5 to level 1 to level.
He also mentioned that there are contradictions between the unity of monetary policy and the imbalance of regional economic and financial development.Jiangsu and Zhejiang and other coastal coastal economic toughness and recovery are fast, financial activities have taken the lead in recovery, and some areas with weak economic foundations and great affords are affected by the affords. Economic and financial activities have recovered slower.From the perspective of monetary policy, the three major monetary policy tools of reserves, re -loan re -discounting, and open market operations are mainly for the guidance of specific industries, specific enterprises, and specific financial institutions. There is no room for space at the regional level.
He suggested that in terms of the reserve policy, the east, central and western regions can be treated differently, giving lower reserve requirements in the central and western regions;Moderate improvement of the restrictions on the re -loan re -loan in the central and western regions.
He also suggested that if the early recovery is faster, and the tendency of economic heat, prices and asset prices may occur, accelerate the normalization of monetary policy, and properly control the total amount of monetary credit;Over the year -on -year increase in loans, it allows to continue to maintain loans in a certain stage to increase the year -on -year increase to support the gradual recovery of the regional economy.
In terms of reducing the cost of financing in the real economy, he pointed out that with the end of the epidemic special support policy and the return of monetary policy to the normalization, the further decline in loan interest rates has been restricted.The deposit interest rate has rigidity, which constitutes constraints on the decline in loan interest rates.
Xu Nuojin wrote: "In the past year, the average interest rate of the balance of deposit deposits of financial institutions in the country has remained at 0.32%, and the regular deposit interest rate fluctuates on the middle. ... How to further reduce financing costs requires comprehensive governance."He believes that when the economic downlink pressure is still large, it can further guide the decline in the interest rate of deposit loans, especially to expand the downward space for loan interest rates by guiding the deposit interest rate.
In addition, we should accelerate the launch of monetary policy tools that are actively active and active financial policies.Considering the launch of new infrastructure special re -loans, supporting government public investment, infrastructure construction, and new infrastructure funds.The new infrastructure special re -loan can refer to the mortgage supplementary loan management model, and implement interest rate discounts and special management. It can be tried by State Development Bank, Agricultural Development Bank and Import and Export Banks. Based on thiswait.
He also emphasized that in the context of the continuous opening up of China's financial market, external funds have entered a significant increase in space, and the difficulty of exchange rate management has increased. In the future, we need to pay close attention to the inflow of external funds and do a good job of sharing funds.Do a good job of response arrangements for the withdrawal of the Fed's loose policy in advance, strengthen the macro -prudential management of cross -border capital flows, and suppress the cross -border flow of speculative capital.
