Credit policy main tone unchanged Bank has not been asked to shrink credit

Authorities said that the guidance of financial institutions to increase credit properly, to ensure that the total amount of money and credit to meet the needs of economic development is still the second half of the credit policy in the main tone.　　Central bank monetary policy in the second half of the tone: the implementation of moderately loose monetary policy, to maintain the continuity and stability of policy, to guide the rational growth of monetary credit. The new credit, likely to be close to 7 trillion yuan in the first half, has played its best in moderately loose monetary policy since the end of last year.　　Into the second half, the pace of expansion of credit scale can go far, has become the market's new focus. The main tone of credit policy is unchanged reporter from the authority to understand that the guidance of financial institutions to increase credit, to ensure that the total amount of money and credit to meet the needs of economic development is still the second half of the credit policy in the main tone.　　In addition, financial institutions should optimize credit structure, improve the quality of credit support economy development, guarantee credit support real economy development, also is the basic principle of future credit investment.　　According to a bank risk management department, credit growth is still available from both sides of the current credit market, and the possibility of a new Year's credit break of 8 trillion trillion yuan is very high. However, an executive at a state-owned bank said in an interview with this reporter that the second half of the year, according to the real economy demand, credit growth in the first half may be more moderate, the speed and frequency of the launch is also more average.　　But he says regulators are not yet asking banks to shrink their credit scale. Monetary policy material will not adjust the current trend of China's economic recovery is basically confirmed.　　At the same time, because the United States and other countries, such as quantitative easing of monetary policy, so that the medium-term inflation risk expectations rise, in the second half, the need for monetary policy to adjust accordingly?　　In fact, the two-quarter meeting of the central Bank's Monetary Policy committee has set the tone for the second half of the monetary policy: to implement moderately loose monetary policy, to maintain the continuity and stability of policy, and to guide the rational growth of monetary credit. The reason why the MPC makes this judgment is that the foundation of the current economic recovery is not stable enough, especially the international economic trend is not clear, the external demand is falling, the external environment of our country's economic development is still very grim.　　Therefore, in the key period of steady recovery of economic operation, we need to continue to implement moderately loose monetary policy, ensure the liquidity of the banking system and the rapid growth of money and credit, and maintain the smooth operation of the financial system. While moderately loose monetary policy will remain unchanged, a timely and moderate fine-tuning is what the central bank has been doing in the course of its monetary policy. In order to smooth the impact of liquidity on the economic fluctuations, although the first half of the central bank did not take measures such as lower reserve requirements, but through open market operations, the central bank to better ensure that the economic growth of the need for liquidity. (Shanghai) Material will not adjust the reserve ratio data show that up to now, liquidity is still very abundant. According to the industry, the second half of the year, this situation will remain unchanged.　　As a result, the number of regulatory instruments, such as the reserve requirement ratio, may still remain in abeyance. CiticIn its bond market strategy report for the second half of 2009, securities also pointed out that the central bank would not use the required reserve ratio as a tool this year and would be more likely to fine-tune liquidity through open market manipulation tools. The industry sees a need to strengthen the analysis of its policy effects, but interest-rate instruments should be used with caution, as many major economies have been slashing interest rates to save their financial markets and cope with a slowdown this year.