China Securities Journal: Maintain a reasonable and sufficient liquidity to maintain high pressure on virtual currency speculation

The central bank recently held a work conference for the second half of 2021, clarifying that the work in the second half of the year will mainly focus on eight major tasks, among which monetary policy, green finance, virtual currency, digital renminbi and other content have been highlighted. Experts said that the monetary policy in the second half of the year will continue to support the reduction of financing costs for SMEs and maintain reasonable and sufficient liquidity.

Strengthen structural support

The meeting demanded that the prudent monetary policy should be flexible, precise, reasonable and appropriate. Do a good job in cross-cycle policy design, and grasp the pace and intensity of policy implementation. Comprehensive use of a variety of monetary policy tools to maintain reasonable and abundant liquidity, guide the reasonable growth of loans, keep the money supply and the growth rate of social financing scale basically matched with the nominal economic growth rate, and keep the macro leverage ratio basically stable. Continue to deepen the reform of interest rate marketization, and promote the steady decline of actual loan interest rates. Deepen the reform of the RMB exchange rate formation mechanism and keep the RMB exchange rate basically stable at a reasonable and balanced level.

The deputy director of the CITIC Securities Research Institute clearly stated that the MLF (Mid-term Lending Facility) maturity scale is relatively large in the second half of the year, and the monetary policy is expected to continue to use appropriate tools to maintain reasonable and sufficient liquidity, and help small and medium-sized enterprises and difficult industries continue to recover and strengthen their structure. Support is expected to remain the focus of monetary policy.

Political Commissar Lu, chief economist of Industrial Bank, said that considering that the current 1-year NCD (Interbank Certificate of Deposit) interest rate is lower than the MLF interest rate, the downward pressure on the economy in the fourth quarter has increased and the MLF maturity is relatively high, the fourth quarter The central bank may lower its RRR again to maintain reasonable and sufficient liquidity. At the same time, the Fed’s reduction in debt purchases has limited impact on domestic monetary policy.

“The policy in the second half of the year will be more focused on making up for shortcomings, which is also the main consideration for the RRR cut in July.” Zhong Zhengsheng, chief economist of Ping An Securities, believes that when the Fed’s monetary policy changes in the second half of the year, it will allow the flexibility of the RMB exchange rate to be released. , To play its role in regulating internal and external balance, and domestic monetary policy will adhere to “self-oriented.”

Increase the supervision of virtual currencies

The meeting requested to urge and guide platform companies to make comprehensive rectifications in accordance with regulatory requirements, and maintain a high pressure on virtual currency trading hype. Adhere to the same treatment for similar institutions in similar businesses, ensure that rectifications are implemented on time and quality, maintain business continuity and normal business operations, and maintain the quality of financial services to the broad masses of people.

Fan Yifei, deputy governor of the central bank, said recently that Bitcoin, including various so-called “stable coins”, has itself become a speculative tool, with potential risks that threaten financial security and social stability, and has also become a payment tool for some money laundering and illegal economic activities. . “The so-called’stable coins’ of some commercial organizations, especially the global’stable coins’, may bring risks and challenges to the international monetary system and payment and settlement system.”

Recently, regulatory authorities have gradually increased their supervision of virtual currencies. The relevant departments of the central bank have previously interviewed some banks and payment institutions on the issue of banks and payment institutions providing services for virtual currency transaction speculation. The China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association also jointly issued an announcement a few days ago, requiring financial institutions and payment institutions not to carry out virtual currency-related businesses.

At the same time, the meeting also called for deepening financial reforms in key areas. Continue to prudently promote the internationalization of the renminbi, deepen foreign currency cooperation, and develop the offshore renminbi market. Carry out high-level open-up pilots for cross-border trade and investment. We will expand the pilot program of trade balance facilitation and support more regions, especially the central and western regions, to participate in the pilot program. Promote the reform of foreign debt registration and management, and improve the management policies for domestic bond issuance by overseas institutions. Promote steadily the digital RMB research and development pilot.

In addition, in terms of green finance, the meeting required to promote the implementation of carbon emission reduction support tools, provide low-cost funds to qualified financial institutions, and guide financial institutions to provide preferential interest rate financing for key areas with significant emission reduction effects. Solidly promote the disclosure of carbon emission information and green finance evaluation. Strengthen climate risk management and carry out climate risk stress tests in an orderly manner.


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