This year, the government can carry out comprehensive monetary reform, reform the deposit interest rate internally, and lower the benchmark interest rate for one-year loans of financial institutions by 0.4%, while lowering the benchmark interest rate for one-year deposits by 0.25%; However, the upper limit of the floating range of deposit interest rate of financial institutions is adjusted to 1. 1 times-1.2 times of the benchmark deposit interest rate. Asymmetric interest rate cuts have not narrowed the profit margin of banks, but left more room for lending. Externally, the foreign exchange trading center is authorized to conduct direct transactions between RMB and foreign currencies in the interbank market, and further promote the market-oriented reform of RMB exchange rate.

2. "Directed reduction of deposit reserve ratio" and "innovative monetary instruments"

Among the two targeted reductions in the deposit reserve ratio, on April 25th, the RMB deposit reserve ratio of county rural commercial banks was lowered by 2% for the first time, and the RMB spring reserve ratio of county rural cooperative banks was lowered by 0.5%. For the second time, the RMB deposit requirements of some commercial people's banks were lowered by 0.5%. In the work of innovating currency, the Medium-term Lending Facility (MLF) was launched in September.

3. Further opening up finance

First, issue RMB bonds to domestic and foreign enterprises (654.38 billion yuan overseas and 500 million yuan domestically); The second is to open the Shanghai-Hong Kong Stock Connect (300 billion Shanghai Stock Connect and 250 billion Hong Kong Stock Connect); In addition, Shanghai Free Trade Zone, Hong Kong, Macao and Guangdong Free Trade Zones have been opened to promote the free trade ledger system and promote the marketization of interest rates.

4. Internationalization of RMB

Expand the scale of RMB settlement of cross-border trade and sign bilateral local currency swaps with many countries, with a total amount of 3 trillion yuan; Signed RMB clearing arrangements with 12 countries.

5. Develop a deposit insurance system.

Deposit insurance institutions can provide financial assistance to depositors in the case of bank failure, and pay the maximum deposit amount of 500,000 yuan. Banks must pay premiums to deposit insurance institutions in proportion. When banks face operational difficulties and bankruptcy, deposit insurance institutions will pay compensation to depositors instead of banks.