First, timely adjust open market operations to ensure liquidity supply.
Since the third quarter, according to the new changes in the economic and financial situation at home and abroad, the People's Bank of China has rationally grasped the strength and rhythm of open market operations and continuously improved the forward-looking and flexibility of liquidity management. The first is to optimize the combination of operation tools and term structure. The People's Bank of China suspended the issuance of 3-year central bank bills, reduced the issuance frequency of 1 year and 3-month central bank bills, and timely increased the variety of short-term repurchase terms to ensure liquidity supply. In the third quarter, a total of 98 1 100 million yuan of central bank bills were issued and 600 billion yuan of repurchase operations were carried out; At the end of September, the balance of central bank bills was 4.67 trillion yuan, and the balance of repurchase was 297.6 billion yuan. Second, the central bank's bill issuance rate declined moderately. With measures such as lowering the benchmark interest rate for deposits and loans and the statutory reserve ratio, the central bank's bill issuance rate has steadily and moderately declined, guiding market expectations and giving play to the role of market interest rate in regulating the supply and demand of funds. The third is to carry out the cash management business of the central treasury in a timely manner. In order to strengthen the coordination between fiscal policy and monetary policy, and improve the efficiency of the use of treasury cash, the People's Bank of China and the Ministry of Finance launched two phases of commercial bank time deposit business managed by central treasury cash on July 30th and June 30th (10), amounting to 30 billion yuan.
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Yuan, the term is 3 months.
The second is to cut the deposit reserve ratio twice.
Under the situation of international financial turmoil, the People's Bank of China lowered the RMB deposit reserve ratio of financial institutions twice in September and June, with a total of 1.5 percentage points. Among them, from September 25th, except for China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, Bank of Communications and China Postal Savings Bank, the deposit reserve ratio of deposit-taking financial institutions was lowered by 1 percentage point, and the deposit reserve ratio of local corporate financial institutions in the hardest hit areas of Wenchuan earthquake was lowered by 2 percentage points. In June 65438+1October 65438+May, the deposit reserve ratio of deposit-taking financial institutions was lowered by 0.5 percentage points. Reducing the deposit reserve ratio is conducive to ensuring liquidity supply and enhancing the financial strength of financial institutions to support key areas and weak links in the economy. In addition, in July, according to the relevant standards of the differential deposit reserve ratio system, the financial institutions that implemented the differential deposit reserve ratio were adjusted. All financial institutions that meet the requirements in terms of capital adequacy ratio and other related indicators have resumed the normal deposit reserve ratio, and the number of financial institutions that implement a higher deposit reserve ratio has decreased significantly.
Third, the benchmark interest rate for deposits and loans was lowered three times.
In response to the possible impact of the international financial crisis on China's economy, the People's Bank of China lowered the benchmark deposit and loan interest rates of financial institutions for three consecutive times on September 65, 438+06, June 65, June 65 and June 438+00, respectively, and expanded the interest rate reduction range of commercial personal housing loans on June 65 and June 438+00, thus ensuring economic growth and stabilizing the market. Among them, the one-year deposit interest rate was lowered by 0.54 percentage points from 4. 14% to 3.60%; The one-year loan interest rate was lowered by 0.8 1 percentage point, from 7.47% to 6.66%.
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Fourth, strengthen window guidance and credit policy guidance.
According to the changes in the situation, we will lift the constraints on the credit planning of commercial banks and guide financial institutions to issue loans in a reasonable and balanced manner according to the effective demand of the real economy. Adhere to differential treatment, maintain pressure, optimize the credit structure while expanding the total amount of credit, and guide the new credit resources to tilt to key areas and weak links such as "agriculture, rural areas and farmers", small and medium-sized enterprises, and reconstruction of disaster areas. Continue to reduce the deposit reserve ratio of rural financial institutions and enhance the strength of financial support for agriculture. At present, the deposit reserve ratio of rural credit cooperatives with higher proportion of agricultural loans and smaller assets is 6.5 to 7.5 percentage points lower than that of large national commercial banks. Guide financial institutions to establish a credit approval process suitable for the characteristics of small and medium-sized enterprises, and actively explore a long-term mechanism for financial support for small and medium-sized enterprises. We will continue to take comprehensive measures, such as reducing the deposit reserve ratio, supporting the reform pilot funds, and recovering special deposits in advance, to increase financial support for financial institutions in disaster areas and enhance their credit capacity.
Verb (abbreviation of verb) steadily promotes the reform of financial enterprises
The shareholding system reform of state-owned commercial banks has been deepened. The corporate governance, business transformation and operating performance of the four restructured banks, namely China Industrial and Commercial Bank, China Bank, China Construction Bank and Bank of Communications, have been continuously improved. By the end of September 2008, the capital adequacy ratios of China Industrial and Commercial Bank, China Bank, China Construction Bank and Bank of Communications were 12.6%, 13.9%, 12. 1% and 13.8%, respectively, and the non-performing loan ratio was. The proportion of subprime-related assets held by the four restructured banks in total assets is relatively low, and corresponding preparations have been made according to the principle of prudence.
The shareholding system reform of Agricultural Bank of China was officially launched. At the end of June 5438+ 10, 2008, the State Council implemented the overall plan through the shareholding system reform of Agricultural Bank, and the shareholding system reform of Agricultural Bank was officially launched. According to the requirements of this plan, the reform of Agricultural Bank of China should focus on establishing and perfecting the modern financial enterprise system, take the service of agriculture, countryside and farmers as the direction, steadily push forward the overall restructuring, and become a modern commercial bank with sufficient capital, standardized governance, strict internal control, safe operation, high quality service, good efficiency, strong innovation ability and strong international competitiveness. It is necessary to closely focus on the financial needs of rural economic and social development, further strengthen the market positioning and responsibility for "agriculture, rural areas and farmers", and stabilize
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Establish and develop outlets and businesses in rural areas, establish a county-level business department management system, continuously increase credit support for agriculture, rural areas and farmers, and comprehensively improve financial services. We should continue to deepen internal reform, strengthen supervision and management, change operating mechanism, establish and improve corporate governance structure and risk control system, and serve rural reform and development.
The reform of policy banks has been steadily advanced. The overall plan and specific implementation plan of the reform of China Development Bank have been approved, and the commercialization reform has been steadily advanced. At present, China Development Bank is actively promoting the preparation of joint-stock companies. China Agricultural Development Bank has continuously deepened its internal reform, strengthened its risk management and internal control mechanism, and steadily launched new business to create conditions for comprehensive reform. At present, the People's Bank of China is working with relevant departments to study the reform and development of China Agricultural Development Bank.
The reform of rural credit cooperatives has made important progress and phased results. The quality of assets has been significantly improved, and the profitability has been significantly enhanced. According to the four-level classification of loans, at the end of September, the balance and proportion of non-performing loans of rural credit cooperatives nationwide were 303.4 billion yuan and 8.2%, respectively, which were 21/kloc-0.3 billion yuan and 28.7 percentage points lower than those at the beginning of the reform. Since 2004, the first profit in the last decade, the profit level has increased year by year. In the first nine months of 2008, the profit was 49.8 billion yuan, an increase of 654.38+04.3 billion yuan. The financial strength has been significantly enhanced, and the service of supporting agriculture has been further strengthened. At the end of September, rural credit cooperatives lent 3.7 trillion yuan, accounting for 10.6% of the total loans of financial institutions. The balance of agricultural loans is/kloc-0.7 trillion yuan, accounting for 46% of its loans from 40% at the beginning of the reform; The proportion of agricultural loans in all financial institutions has increased from 8 1% at the beginning of the reform to 94%. The property right reform is progressing smoothly, and the corporate governance structure is initially established. By the end of September, there were 20 rural commercial banks, 24 rural cooperative banks 144, and one unified corporate institution with county (city) as the unit 185 1 home. Some farmers
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Village credit cooperatives have made useful explorations in clarifying property rights relations and improving corporate governance, and achieved initial results.
Six, accelerate the reform of foreign exchange management system.
Accelerate the reform of the foreign exchange management system, strengthen the monitoring, analysis and management of cross-border capital flows, and promote the basic balance of international payments. First, in order to cope with the current international financial market risks, guide financial institutions to reasonably balance the safety, liquidity and profitability of investment. Second, in August, the newly revised Regulations on the Administration of Foreign Exchange in People's Republic of China (PRC) was promulgated, further strengthening the administration of foreign exchange according to law and the balanced management of the inflow and outflow of foreign exchange funds. Third, the implementation of online verification of export receipt and settlement, the implementation of enterprise trade credit registration management, improve the statistical monitoring of short-term foreign debts, and prevent abnormal flow of foreign exchange funds under trade. Fourth, relying on the information system of foreign direct investment foreign exchange business, strictly manage the settlement of foreign direct investment enterprises' capital. The fifth is to carry out a pilot exchange of personal local and foreign currency business to facilitate personal local and foreign currency exchange needs. Sixth, the purchase of foreign exchange by non-residents should be included in the personal settlement and sale system, and the authenticity of foreign exchange purchase by non-residents should be strictly examined.