Discussion on increasing the amount of new credit to curb the capital surge and double-rate material tightening

Sino-New Society issued Wu Mang the copyright statement: where the note has "Cnsphoto" the words of the picture copyright are China News Network, without written authorization, may not reprint use. "More Pictures" Beijing, July 14, the first half of the new credit volume to 7.36 trillion of the day, triggering a market for monetary policy is the heat of adjustment. The project group of the People's Bank of China's Business Administration department proposes to flexibly adjust the "double rate" (interest rate and reserve ratio) in accordance with the profitability and market liquidity of the bank, while maintaining a moderately loose monetary policy tone unchanged. Dongrong, assistant governor of the bank, also pointed out that we should strengthen the management of money and credit and grasp the investment of money and credit rationally.　　Some economists have argued that credit growth is indeed a bit too fast, and regulators are expected to tighten capital inflows into the stock and property markets in the second half of the year. A signed article entitled International Comparisons and analysis of deflation suggests that new loans continue to expand and non-performing loan balances may rise, according to a report in Hong Kong's Wen Wei Po. From 1 to May, the new RMB loan 5.84 trillion yuan, more than 3.72 trillion yuan.　　However, the weak profitability of the real economy will increase the credit risk of banks, the excessive concentration of credit is not conducive to the diversification of risk, the increase of new loans to the growth of non-performing loans buried hidden dangers. New loans surge burying bad debts The Chinese Academy of Economic Research director Laid-off said that the first half of the loan growth rate is indeed a little faster, which has accumulated bubbles and risks in the capital markets and the property market, in which case the central bank will be expected to fine-tune the existing policy in the second half,　　For example, the credit placement will strengthen the window guidance and risk control. In fact, fine-tuning has recently begun. July 7, the central bank in the interest rate bid to carry out a positive repurchase operation, the cumulative return of 170 billion yuan, a significant increase in the previous period, 28-day and 91-day repurchase rates rose by 5 basis points respectively.　　Some analysts pointed out that the central bank open market interest rates for two consecutive weeks upward, to some extent, reflecting the central bank's monetary policy adjustment intentions, short-term view of the deposit reserve ratio will not be lowered. Do not exclude the authorities to temporarily adjust the central bank July 9 restart issued 50 billion yuan 1-year vote, earlier, the Wall Street Journal reported that the 3-month central-vote yield on routine operations at the beginning of the month rose to 1.0279%, with economists thinking that raising the interest rate reflected the signal that the bank would start an adaptive monetary policy exit strategy. , the material person will further tighten monetary tightening by slightly increasing short-term market interest rates and increasing the issuance of bills.　　The central bank Group suggested that the interest rate and reserve ratio should be adjusted flexibly according to the banking profitability and market liquidity. Shusong, deputy director of the Financial Research Institute of the State Council's Development Research Center, also admits that the global central bank, including China, faces a common challenge of withdrawing from loose monetary policy when the economy is just showing signs of recovery. "On the one hand, the real economy also has negative factors, while asset prices have soared on the other hand." "If there are indications of excessive inflows of funds into the stock market andWhen the property market is not ruled out, the regulatory authorities will make temporary adjustments. Credit should avoid loose and tight after in-depth analysis of the current situation, the Central Bank Task Force suggested that the future regulatory layer should reasonably control the pace of credit flow, effectively solve the credit structural problems. Continue to maintain a moderately loose monetary policy tone unchanged, to promote the steady growth of credit, to avoid the credit dropped suddenly and easily increase macro-uncertainty.　　At the same time, we should pay attention to the potential inflation effect of large-scale liquidity injection, make policy plan according to the economic trend, and do a good job. In terms of RMB exchange rate, the article holds that the central bank should continue to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.　　Improve the export tax rebate rate of textile, steel, light industry and other industries, solve the problem of trade financing, reduce the burden of enterprise export premiums. To further promote the facilitation of trade and investment, regulate the opening and use of foreign exchange accounts in foreign institutions, and prevent financial risks, the State administration of foreign exchange yesterday issued a notice on the administration of foreign exchange accounts in foreign institutions. (Rohong)