Xinhuanet Beijing, August 9 (Reporter Zhang Xudong) The People's Bank of China said in its monetary policy implementation report for the second quarter released on September 9 that compared with the high economic growth rate of 10.9% in the first half of the year, it is expected that the economic growth will slow down slightly in the second half of the year, but overall it will maintain a steady and rapid development momentum. The central bank will reasonably control the growth of money and credit to prevent economic growth from turning from fast to fast.
Based on a comprehensive analysis of the current economic situation, the central bank believes that from the perspective of investment demand, the state has recently introduced a series of measures to strengthen land and credit regulation and strictly control new projects, and its policy effects will gradually emerge, but factors such as high household savings rate, large accumulation of enterprises' own funds, continuous inflow of foreign capital and the gradual start of the "Eleventh Five-Year Plan" projects will continue to promote rapid investment growth.
From the perspective of consumer demand, domestic consumption will continue to be strong. In the first half of this year, the income of urban and rural residents continued to grow rapidly. Cars, communication products and housing will continue to promote the upgrading of consumption structure. Measures such as raising the minimum wage standard for urban residents, increasing the salary of civil servants, raising the minimum living standard and deepening the reform of the income distribution system will continue to improve residents' income and expenditure expectations. It is expected that consumption will remain relatively strong in the second half of this year.
From the perspective of import and export, the world economy showed an accelerated growth trend in 2006. China's major trading partners, such as the United States, Japan and Europe, have good economic growth prospects, which is conducive to maintaining the rapid growth of China's exports.
While maintaining steady and rapid economic growth, the central bank reminded us to pay close attention to the risks that may be brought to China's economy by the rapid growth of fixed assets investment, excessive money and credit, imbalance of international payments, excessive energy consumption, increased environmental pressure and rising inflationary pressure.
The central bank's report also specifically pointed out: "The current supply conditions have less constraints on China's economic operation, and all aspects have higher enthusiasm for accelerating development, while it is difficult to form more effective hard constraints on resource and environmental costs. Against the background of outstanding structural contradictions and continuous double surplus in international payments, the task of controlling the excessive growth of money and credit is still arduous. "
According to the central bank, in the second half of the year, the central bank will continue to coordinate the use of various monetary policy tools in accordance with the unified arrangements of the CPC Central Committee and the State Council to reasonably control the growth of money and credit and prevent the rapid economic growth from turning into overheating. At the same time, we should take comprehensive measures focusing on the medium and long term, speed up the implementation of policies such as expanding domestic demand, speed up the adjustment of economic structure, and promote the basic balance of international payments.
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Reuters: The Federal Reserve will not raise interest rates, leaving the liquidity problem to the Bank of China.
Most investors around the world breathed a sigh of relief when the Federal Reserve decided to keep interest rates unchanged on Tuesday night. Only the Bank of China may be disappointed. Because the Federal Reserve does not tighten monetary policy, it will be more difficult to solve the problem of China's flood of funds.
The People's Bank of China has taken a series of measures to tighten monetary policy, such as raising loan interest rates and bank reserve ratio. However, one of the reasons why it didn't raise the interest rate of key bank deposits was that it didn't want to further attract hot money betting on RMB appreciation because the spread between China and the United States narrowed. Therefore, if the United States does not raise interest rates, China will lack room to raise interest rates.
"China needs a more aggressive Fed," said Paul Cavey, China economist at Macquarie Bank. "The Fed is an important force to break the liquidity cycle in China. Stopping interest rate hikes in the United States will not help China solve the problem of excess liquidity, and China may have to introduce other austerity policies in the future. "
At present, the 7-day interbank lending rate in China is about 2.44%. According to the appreciation of about 3% in the past year, the annual rate of return on holding RMB can reach 5.44% or even higher, because many foreign investment banks believe that the annual appreciation of RMB will exceed 3%. But LIBOR in London is 5.4%, so the return on investing in RMB may be higher.
Hot money is coming again.
It has been more than a year since the RMB appreciated once. As the China government has successfully convinced the market that it will not appreciate sharply again in the short term, the hot money invested in China tends to ebb.
Recently, investors expect that interest rates in the United States may peak and interest in the dollar will weaken. The exchange rate of the US dollar against major international currencies has dropped to the lowest level in the last two weeks. The renminbi is mainly linked to the dollar, which means that the renminbi has also fallen against currencies such as the euro and the yen. With the real interest rate of RMB becoming lower recently, speculative hot money has accelerated to enter China in recent weeks.
The weakness of the US dollar has always been closely related to the hot money flowing into China. In 2003-2004, the US dollar weakened and the capital flowing into China increased. Last year, the United States raised interest rates continuously to support the dollar, and hot money was also controlled. According to Macquarie's statistics, the hot money flowing into China in May was as high as 9 billion US dollars, the highest since June 65438+February 2004.
The problem in China now is that there is too much money. Too much money leads to overheated investment, which in turn leads to overproduction, leading to a large number of exports when domestic consumption fails. In countries with free exchange rates, the huge foreign trade surplus leads to the appreciation of their currencies, which corrects the problem of excessive surplus. However, since China's RMB is still strictly controlled within a range, the market cannot make natural corrections.
External force and self-help
China has an excess of liquidity. Besides counting on the Fed to raise interest rates, there are two options: accelerating the appreciation of the RMB to save itself, or passively waiting for the world economy to slow down. Once the world economy deteriorates, it will deal a huge blow to China's foreign trade, banking and other industries, which Beijing does not want to see.
Although letting the RMB appreciate in one step will help reduce the expectation of future appreciation and help the People's Bank of China to implement monetary policy more freely to solve the liquidity problem, now is not the best time. As global demand may slow down and the costs of China exporters are rising, the appreciation of RMB may cause a considerable blow to exports and become the last straw to crush camels. Once China's economy makes a hard landing, it will cause a domino effect in the financial system, with disastrous consequences.
If the Fed, as an external force, lacks action, China can only try its best to get out of the "liquidity trap" through internal forces. However, it is difficult for the central bank to take drastic measures against the current economic "puffiness" because there are too many aspects involved. In the foreseeable future, Beijing is likely to continue to regulate the economy, real estate, raw materials and infrastructure industries through administrative means rather than monetary policy.
Central Bank: Three reasons lead to high credit growth.
□ According to Xinhua News Agency
Excessive credit growth is a prominent contradiction in the current economic operation. According to the data of the second quarter monetary policy implementation report released by the People's Bank of China on the 9th, the balance of local and foreign currency loans of all financial institutions increased by 606865438+billion yuan year-on-year. Except for policy banks, RMB loans of various financial institutions increased year-on-year.
According to the analysis of the central bank, there are three reasons for the high growth of credit since 2006: first, the rapid economic growth, many investment projects and strong loan demand; Second, the imbalance of international payments continues to accumulate, and the large inflow of foreign exchange leads to abundant liquidity, which provides financial conditions for banks to expand credit; Third, commercial banks pay more attention to improving the return on assets and shareholders after capital replenishment, and the motivation to increase profits by expanding loans is enhanced.
According to the report of the central bank, in the first half of the year, RMB short-term loans and bill financing used by enterprises for working capital increased by 1. 1.4 trillion yuan, an increase of 340.3 billion yuan year-on-year. Medium and long-term loans increased by10.02 trillion yuan, an increase of 383.5 billion yuan over the same period of last year. In the first half of the year, the medium and long-term RMB loans of major financial institutions (including state-owned commercial banks, policy banks, joint-stock commercial banks and city commercial banks) increased by 9372 1 billion yuan compared with the beginning of the year, accounting for 93. 1% of the new medium and long-term loans of all financial institutions.
The RMB loans of the four major state-owned commercial banks increased by 918.53 billion yuan, an increase of 408.25 billion yuan year-on-year; Joint-stock commercial banks, city commercial banks and rural financial institutions (including rural cooperative banks, rural commercial banks and rural credit cooperatives) increased by 491.800 million yuan, 1.646543.8+0 billion yuan and 350.4 billion yuan respectively.
The report of the central bank also pointed out that the task of controlling the excessive growth of money and credit is still arduous under the background of prominent structural contradictions and continuous double surplus of international payments.
Report of the Monetary Policy Analysis Group of the People's Bank of China in the third quarter of 2006
The first part is the general situation of money and credit.
In the third quarter of 2006, China's national economy grew steadily and rapidly, and the total amount of money and credit increased slowly, which basically met the overall requirements of macroeconomic regulation and control, and the financial operation was generally stable.
1 column: central bank liquidity and liquidity management
In economics or business activities, we often use the word "liquidity" in a series of related but not identical meanings. For example, the original meaning of liquidity refers to the difficulty of transforming an asset into a means of payment and settlement. Because cash can be directly used for purchase without being converted into other assets, it is considered as the most liquid asset. By extension, the concepts of market liquidity and macro liquidity can be produced. Liquidity in a specific market can be understood as the ability to quickly conclude a transaction without affecting the price, which is often related to factors such as market transaction volume, transaction cost and transaction time. At the macroeconomic level, we often directly understand liquidity as the total amount of money and credit with different statistical caliber. Deposits of residents and enterprises in commercial banks, as well as highly liquid assets such as bank acceptance bills, short-term treasury bonds, policy financial bonds and money market funds, can be included in different macro-liquidity categories according to the needs of analysis. The specific form of liquidity is deeply influenced by the changes of financial institutions and their actual activities, and its complexity and variability may make the relationship between money and economy, which is understood by traditional money quantity theory, unstable.
As the monetary authority responsible for macroeconomic aggregate balance, the effective management of liquidity by the central bank is very important for the implementation of monetary policy. The liquidity involved in the liquidity management of the central bank mainly refers to the macro liquidity in a narrow sense, which usually refers to the liquidity in the banking system, that is, the deposits of deposit-taking financial institutions in the central bank, mainly including statutory reserves and excess reserves. The central bank regulates the total amount of money and credit by regulating the liquidity of the banking system.
The liquidity management of the central bank is based on the analysis and forecast of demand and supply in liquidity in the banking system. Liquidity demand in the banking system mainly includes statutory reserve demand and excess reserve demand. The former comes from the statutory reserve requirements set by the central bank, and the latter is voluntarily held by commercial banks to meet the needs of payment and settlement. The factors affecting liquidity in the supply of banking system can be divided into spontaneous factors and monetary policy factors: spontaneous factors, including cash and government deposits circulating in the balance sheet of the central bank, depend on the behavior of the public or the government and are not controlled by the operation of monetary policy, which is the biggest source of uncertainty affecting liquidity in the banking system; Monetary policy is a liquidity supply factor that the central bank can directly control, mainly including open market operations, such as repurchase and reverse repurchase agreements, buying and selling government bonds, and issuing central bank securities. If the supply and demand of liquidity are unbalanced, it will affect the realization of monetary policy objectives. Too much liquidity in the banking system will cause the market to expect the interest rate to fall, or stimulate banks to issue more loans; Too few liquidity in the banking system will lead to the expected interest rate increase in the market, or lead banks to tighten credit. Under normal circumstances, the central bank can use open market operation tools to balance the supply and demand of liquidity in the banking system, and if necessary, it can manage liquidity by adjusting the statutory reserve requirements. Maintaining a stable and moderate liquidity level and reducing the volatility of short-term interest rates are conducive to creating a stable environment for participants in economic activities to make economic decisions. In addition, through liquidity management, the central bank can help financial institutions cope with temporary liquidity fluctuations and achieve the purpose of ensuring daily payments and the normal operation of the money market. With the change of China's monetary policy from direct regulation to indirect regulation, the liquidity management of the central bank has increasingly become one of the central contents of monetary policy implementation.
The relationship between liquidity and economic and financial operation is complex. The operation of the central bank's monetary policy will directly affect the liquidity of the banking system, and financial institutions, enterprises and residents will also play an important role. On the other hand, there is no one-to-one correspondence between the level of liquidity in the banking system and the economic trend. To judge whether the economy is getting colder or warmer, we should observe the economic variables such as the expectations of enterprises and residents, investment willingness and consumption tendency. In some cases, in order to adapt to the growing demand for liquidity in the banking system, the central bank actively provides liquidity in the open market. In other cases, for example, due to the increase of foreign exchange inflow, the large amount of liquidity injected into the banking system by the central bank exceeds the growth of demand, and the banking system has excess liquidity, so absorbing excess liquidity has become an important task of the central bank. The daily management of liquidity in the banking system by the central bank is not directly related to economic indicators such as the growth rate of fixed assets investment. It is not appropriate to judge whether there is excess in liquidity in the banking system simply by the current investment growth rate, and we cannot directly draw the conclusion that liquidity should be tightened or relaxed just because of the temporary fluctuation of investment growth rate. In a word, the interaction and causality between liquidity and various economic variables need to be studied in depth and judged carefully.
The second part is the operation of monetary policy.
In the third quarter of 2006, in accordance with the unified arrangements of the CPC Central Committee and the State Council, the People's Bank of China continued to implement a prudent monetary policy, comprehensively recovered excess liquidity in the banking system, exerted the regulatory role of interest rate leverage, and guided the reasonable growth of the total amount of money and credit. At the same time, we have steadily promoted the reform of financial enterprises, enhanced the flexibility of RMB exchange rate and improved foreign exchange management, and achieved certain results.
First, flexible open market operations.
In the third quarter, in order to implement the spirit of the the State Council executive meeting and control the supply of money and credit, the People's Bank of China continued to use the open market operation as the main hedging operation tool, flexibly grasped the strength and rhythm of the issuance of central bank bills, and adjusted the surplus of liquidity in the banking system. In July, while maintaining the market-oriented issuance of central bank bills, the People's Bank of China increased the issuance of central bank bills for the third time for some primary dealers with rapid loan growth and relatively abundant liquidity, which not only realized the operational intention of recovering excess liquidity in the banking system, but also played a good warning role. In August, in line with the implementation of the policy of raising the deposit reserve ratio and the benchmark interest rate for deposits and loans, the People's Bank of China flexibly used different bidding methods to smooth market fluctuations and reasonably guide market expectations. In September, the People's Bank of China further stepped up its hedging operation in the open market, issuing more than 654.38 billion yuan of central bank bills every week on average, while the overall liquidity remained loose and the market expectation was relatively stable. In the third quarter, the People's Bank of China issued 8162 billion yuan of central bank bills, and the balance of central bank bills at the end of September was 3,078 billion yuan. In the first three quarters, RMB open market operations brought back 645 billion yuan of base currency.
The interest rate of the central bank's bill issuance is generally on the rise. At the end of September, the interest rates of three-month and 1 year central bank bills were 2.46% and 2.79% respectively, up 73 basis points and 89 basis points respectively from the beginning of the year. Since April, with the introduction of a series of macro-control policies, the expectation of market tightening has increased. In addition, after the initial public offering of new shares was restarted at the end of May, the uncertainties affecting liquidity in the banking system increased, the interest rate of central bank bills rose month by month, and the interest rate fluctuation in the money market increased. In order to stabilize the market expectation and promote the smooth operation of the market, the People's Bank of China issued 1 year central bank bills for three consecutive times in the first three weeks of August, and changed the bidding method to price bidding in time after raising the benchmark interest rate of deposits and loans on August 19. After the interest rate of 1 year central bank bill soared to 2.89%, it showed a slight downward trend, which was 2.79% at the end of September.
Box 2: Treasury cash management
The cash management of the central treasury refers to a series of financial management activities aimed at minimizing the cash balance of the treasury and maximizing the investment income under the premise of ensuring the payment demand of the central treasury. 1984, the People's Bank of China specially exercised the functions of the central bank, and the State Council clearly stipulated that the People's Bank of China should manage the national treasury. 1995 promulgated the Law of the People's Bank of China, which entrusted the People's Bank of China with the responsibility of managing the national treasury. Before 2003, the People's Bank of China did not pay interest on fiscal deposits; After 2003, it began to pay interest on financial deposits according to the current interest rate of unit deposits.
In recent years, China's economy has continued to grow rapidly, and its fiscal revenue has increased accordingly; At the same time, with the promotion of the reform of the treasury single account, a large number of funds originally left in the budget unit are gradually concentrated in the treasury management, and most of the treasury cash is maintained at a high level. The random fluctuation of treasury cash increases the difficulty of monetary policy regulation, which requires further deepening the reform of treasury management system. In addition, after years of development, China has gradually formed a money market with a certain depth and width, and the financial department's prediction level of treasury cash flow has also been greatly improved, which basically meets the conditions for carrying out treasury cash management.
In June, 2006, the Ministry of Finance and the People's Bank of China jointly issued the Interim Measures for the Cash Management of the Central Treasury, drawing lessons from the experience of developed market economy countries and combining with the reality of our country. In September of the same year, the People's Bank of China and the Ministry of Finance jointly issued the Operating Rules for Time Deposit Business of Commercial Banks in Central Treasury Cash Management, which marked that China's treasury cash management gradually embarked on the road of market-oriented operation. At present, the Ministry of Finance and the People's Bank of China have established a special coordination mechanism. The Ministry of Finance is mainly responsible for the cash forecast of the national treasury, and makes the operation plan according to the forecast results. The People's Bank of China is mainly responsible for monitoring the money market, and the Ministry of Finance issues operating instructions after consultation with the People's Bank of China. The People's Bank of China conducts specific operations.
According to the Interim Measures for Cash Management of the Central Treasury, the cash management of the Treasury will follow the principle of unity of safety, liquidity and profitability, from easy to difficult, and proceed in a safe and orderly manner. Treasury cash management methods include commercial bank time deposits, national debt repurchase, national debt repurchase and reverse repurchase. In the initial stage, the central treasury cash management will mainly implement two operating modes: commercial bank time deposit and government bond repurchase, both of which will be carried out through public bidding. Time deposit in commercial banks refers to the transaction behavior of depositing treasury cash in commercial banks, and commercial banks obtain deposits with treasury bonds as collateral and pay interest to the Ministry of Finance. The term of time deposit of commercial banks is generally within 1 year (including 1 year). Treasury bond repurchase refers to the transaction in which the Ministry of Finance buys back the unexpired negotiable treasury bonds from the treasury bond market with treasury cash and cancels or holds them due. Both modes of operation are to inject liquidity into the banking system and increase the supply of base money.
At present, the effect of macro-control has initially appeared, but the imbalance of international payments continues to develop, and the overall liquidity of banks is abundant, so it is necessary to continue to strengthen liquidity management. To this end, the Ministry of Finance and the People's Bank of China will coordinate and strengthen the analysis and monitoring of the liquidity situation and macroeconomic operation, and steadily and orderly promote the cash management of the state treasury.
Second, play the regulatory role of interest rate leverage.
In order to guide the reasonable growth of investment, money and credit and keep the overall price level basically stable, the People's Bank of China decided to raise the benchmark interest rate of RMB deposits and loans of financial institutions from August 6, 2006. The benchmark interest rate for one-year deposits of financial institutions was raised by 0.27 percentage points, from 2.25% to 2.52%; The benchmark interest rate for one-year loans was raised by 0.27 percentage points from 5.85% to 6.12%; The benchmark interest rates of other grades of deposits and loans were also adjusted accordingly, and the long-term interest rate rose more than the short-term interest rate. At the same time, in order to further promote the marketization of commercial personal housing loan interest rate, the lower limit of commercial personal housing loan interest rate has been expanded from 0.9 times to 0.85 times of the benchmark loan interest rate, and the lower limit of other commercial loans has remained unchanged at 0.9 times. Judging from the real interest rate of loans in the third quarter, the interest rates of various loans have gradually increased, which reflects the superposition effect of two interest rate hikes this year and creates favorable conditions for the reasonable growth of money and credit.
Third, increase the deposit reserve ratio of financial institutions.
In order to strengthen liquidity management, urge commercial banks to adjust their lending behavior in an orderly manner and reasonably control the growth of money and credit, with the approval of the State Council, the People's Bank of China announced on June 16, July 2 1 day and June 35438+0 1 day, respectively, since July 5 and August 15. /kloc-After the deposit reserve ratio was raised on July 5 and August 5, 2005, the financial market operated smoothly, the interest rate in the money market rose slightly, and the stock market maintained an upward trend.
Four, strengthen the "window guidance" and credit policy guidance
The People's Bank of China conscientiously implements the central macro-control principles and policies, strengthens credit policy guidance, continues to strengthen communication with financial institutions through window guidance, and guides financial institutions to conscientiously implement national macro-control requirements, reasonably control loan growth, and adjust loan structure. First, pay attention to financial services for migrant workers. Second, strengthen the coordination between credit policy and industrial policy, strictly control medium and long-term loans such as capital construction, guide the rational flow of credit funds, promote economic restructuring and industrial upgrading, and continue to strengthen the monitoring, analysis and regulation of the real estate market. The third is to guide commercial banks to continue to implement the national regional economic development policy and reasonably issue credit according to the needs of local economic development. Fourth, continue to give play to the "helping the weak" function of credit policy, guide financial institutions to further improve the work of student loans, and continue to provide credit support for employment, non-public economy, small and medium-sized enterprises, poverty-stricken areas and ethnic areas.
Verb (abbreviation of verb) steadily promotes the reform of financial enterprises
The shareholding system reform of state-owned commercial banks continued to advance steadily. China Industrial and Commercial Bank was listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange on October 27th, 65438, and its initial public offering was a complete success. Before the over-allotment option was exercised, the total size of A+H shares issued by China Industrial and Commercial Bank reached US$ 65,438+0,965,438+0 billion, making it the largest initial public offering in the world. The initial public offering of Industrial and Commercial Bank of China adopts the methods of unified pricing, simultaneous issuance and simultaneous listing of H shares and A shares, which provides investors with good investment opportunities and supports the healthy development of the domestic capital market. After the reorganization, the market influence of banks has been further enhanced. China Construction Bank became a constituent stock of Hang Seng Index on September 1 1, and was the first H-share company to be selected as a constituent stock of Hang Seng Index. After listing, China Bank has also become the index stock of several important indexes such as SSE 50 and H-share index. The restructured banks have accelerated the pace of business innovation. After the introduction of strategic investors, the cooperation arrangements with strategic investors have been launched in an all-round way, advanced management experience and technology have been introduced, and the business level in key fields has been improved. According to the overall strategic cooperation agreement signed with Bank of America, China Construction Bank acquired 65,438+000% equity of Bank of America (Asia) Limited, a subsidiary of Bank of America, for HK$ 9,765,438 million, and actively expanded its overseas business. The relevant departments are actively studying the joint-stock reform plan of Agricultural Bank of China in combination with the overall planning of building a new socialist countryside and rural financial system reform.
The pilot reform of rural credit cooperatives has progressed smoothly and achieved remarkable results. First, the reform of the property rights system was steadily advanced, and a new management system was basically established. By the end of September 2006, there were 85 banking institutions in rural credit cooperatives nationwide, including rural commercial banks 12, 73 rural cooperative banks and 674 unified corporate institutions with counties (cities) as units. All the provinces (cities) participating in the pilot reform have set up provincial-level management institutions of rural credit cooperatives, and clearly and preliminarily implemented the management responsibilities of provincial governments for rural credit cooperatives within their respective jurisdictions. Second, the quality of assets and operating financial conditions have improved. The NPL ratio of rural credit cooperatives in China was 12. 1%, which was 24.8 percentage points lower than that at the end of 2002. Implement capital increase and share expansion to enrich the capital adequacy ratio; Since 2004, it has achieved the first surplus in the past decade, and the level of surplus has increased year by year. Third, the reform pilot fund support policy was gradually implemented, and the historical burden was initially resolved. The People's Bank of China and the China Banking Regulatory Commission (hereinafter referred to as CBRC) have completed the issuance of special bills for the pilot reform of rural credit cooperatives in 2396 counties (cities) 1 1 period (quarterly 1 period), totaling1655.5 billion yuan. At the same time, since the second quarter of this year, 4.56 billion yuan of special bills have been arranged for eligible rural credit cooperatives.
Column 3: Correctly understand the payment standard of special bills in the pilot reform of rural credit cooperatives
At present, the reform of rural credit cooperatives has achieved phased results, but the vast majority of rural credit cooperatives have not made breakthrough progress in improving corporate governance structure, transforming operating mechanism, especially strengthening internal management in an all-round way, and the task of meeting the standards is arduous. Only by firmly grasping the key points of the reform pilot work can rural credit cooperatives gradually realize healthy and sustainable development. In order to give full play to the positive incentive role of financial support policy in the reform pilot, we should proceed from the overall situation of promoting and deepening the reform, fully understand the original intention and mechanism arrangement of financial support policy design, and correctly understand the payment standard of special bills.
First, we should correctly understand the policy meaning of "spending money to buy mechanism". According to the general requirements of the State Council on deepening the pilot reform of rural credit cooperatives, the People's Bank of China allocated 654.38+0656 billion yuan of funds through special bills and special loans according to 50% of the actual insolvent amount at the end of 2002. Business tax and income tax decreased by 9.9 billion yuan; Subsidizing the interest paid by rural credit cooperatives for the preservation of savings has actually allocated 6.9 billion yuan; According to the lower limit of the proportion of assets set by relevant asset management companies, the income from issuing special bills to replace assets set exceeds 5 billion yuan, which is used to supplement the provisions of rural credit cooperatives; Reduce the deposit reserve ratio of rural credit cooperatives and increase the source of funds by 80 billion yuan; Holding special bills for reform pilots increased interest income by 5.7 billion yuan. In total, the financial support for the pilot rural credit cooperatives is about 273 1 billion yuan. At the same time, local governments at all levels attach great importance to the pilot reform of rural credit cooperatives and actively take effective measures to help local rural credit cooperatives digest historical burdens. Generally speaking, the above-mentioned support policies have played an important role in starting the reform and mobilizing the enthusiasm of all parties to participate in the reform, and also created conditions for deepening the reform. However, in order to truly meet the standards of reform, the key lies in the fact that the vast number of rural credit cooperatives, as the main body of reform, should always firmly grasp the key points of reform, and earnestly work hard to improve the corporate governance structure, change the operating mechanism and comprehensively strengthen internal management. This is the real meaning of "paying for the mechanism".
Second, objectively understand the necessity of setting up financial support conditions in the reform pilot. The reasons for the historical burden of rural credit cooperatives are complicated, including external environmental factors such as self-management and administrative intervention. According to the general requirements of the State Council on deepening the pilot reform of rural credit cooperatives, the People's Bank of China and the China Banking Regulatory Commission have formulated and clarified the conditions and procedures for financial support, aiming at strengthening positive incentives and giving full play to the guiding role of financial support policies. Rural credit cooperatives are different from other deposit institutions, especially from state-owned commercial banks. After financial restructuring and stock issuance and listing, state-owned commercial banks have initially established a relatively perfect external restraint mechanism. Adopting different financial support methods and procedures for rural credit cooperatives from state-owned commercial banks is conducive to implementing the responsibilities of all parties concerned, encouraging and supporting local governments to actively take measures to help local rural credit cooperatives solve historical burdens, prompting rural credit cooperatives to change their mechanisms, strengthen management, improve their operations, increase their accumulation, gradually solve historical burdens, and enhance their sustainable development capabilities. The reform pilot shows that the reform of rural credit cooperatives involves a wide range and the task is arduous. In order to truly meet the reform standards, the central and local governments need to adopt supporting policies and adhere to the combination of supporting policies and strengthening the management and transformation mechanism of rural credit cooperatives.
Third, the reform pilot fund support policy needs to be continuously improved during the reform process. The State Council document "Guo Fa [2003] 15" stipulates that "the payment of bills by the central bank must be linked to the reform effect of rural credit cooperatives, with counties (cities) as the acceptance payment units, and the standards are: clear property rights, adequate funds and perfect governance structure". The People's Bank of China and the China Banking Regulatory Commission, in accordance with the general requirements of the State Council on deepening the reform of rural credit cooperatives, further clarify and improve the policy of supporting funds for the pilot reform and the payment standard of special bills (document Yinfa [2006] 130). It is emphasized that rural credit cooperatives should make great progress in improving corporate governance structure when applying for payment of special bills, focusing on the actual effect of improving internal control system and strengthening internal management, and putting forward specific requirements for gradually improving asset quality, effectively controlling costs and expenses, and continuously improving financial situation. The change of the above financial indicators can directly reflect the reform effect of rural credit cooperatives, which is convenient for accurately grasping and evaluating whether they meet the payment standard of special bills. Generally speaking, the strict implementation of the reform pilot fund support policy is conducive to the timely payment of special bill funds by rural credit cooperatives, which further enhances the transparency, credibility and operability of the reform pilot fund support policy.
Six, steadily promote the reform of the RMB exchange rate formation mechanism.
In the third quarter, a series of policies and measures were introduced to promote the balance of payments, develop the foreign exchange market and further rationalize the relationship between supply and demand in the foreign exchange market: First, further strengthen the infrastructure construction of the foreign exchange market. Unify the trading hours of spot bidding and inquiry in the inter-bank foreign exchange market, further standardize the transactions in the inter-bank foreign exchange market, allow designated domestic foreign exchange banks to start the exchange business of Korean won listing, and carry out spot, forward and swap transactions between British pound and RMB in the inter-bank foreign exchange market. Second, increase the foreign exchange deposit reserve ratio of domestic financial institutions, control the growth rate of money and credit reasonably, and ease the pressure of supply and demand in the foreign exchange market. The third is to further improve foreign exchange management, promote the facilitation of trade in goods and services, and standardize the management of capital inflows and outflows.
Seven, accelerate the reform of foreign exchange management system.
In order to broaden the channels of foreign financial investment, strengthen the supervision of cross-border capital inflow, and promote the basic balance of international payments, a series of policies and measures have been introduced to improve foreign exchange management: First, to further improve foreign exchange management in current accounts and promote the facilitation of trade in goods and services. Improve the management of export collection and settlement, and implement classified management of trade foreign exchange; Adjust the policy of selling and paying foreign exchange under some service trade, and further simplify the vouchers and procedures for enterprises to purchase and pay foreign exchange. The second is to standardize the management of foreign capital inflows and promote the healthy development of the domestic capital market. Standardize foreign investment access and foreign exchange management in the real estate market, strengthen the real estate development and management of foreign-invested enterprises and the management of overseas institutions and individuals to purchase houses, and strengthen cross-border