CCTV News: On March 14, the People's Bank of China released its February financial data and social financing scale report. The total amount of financial continues to maintain reasonable growth, and many indicators are better than market expectations, reflecting a moderately loose monetary policy orientation.

From the money supply, at the end of February, the balance of broad money (M2) was 320.52 trillion yuan, a year-on-year increase of 7%; from the perspective of credit supply, at the end of February, the balance of RMB loans was 261.78 trillion yuan, a year-on-year increase of 7.3%; from the perspective of social financing scale, at the end of February, the stock of social financing scale was 417.29 trillion yuan, a year-on-year increase of 8.2%. Experts said that the scale of social financing continued to maintain rapid growth in February, and the accelerated issuance of government bonds was the main factor supporting growth. The loan issuance is impressive. February has always been a small month for loans, but the loan increase in February this year reached one trillion yuan, which is a historically high level.

Credit supports the real economy with great support

From the interest rate of new loans (domestic and foreign currencies) by enterprises in February, the weighted average interest rate is about 3.3%, about 40 basis points lower than the same period last year. The weighted average interest rate of newly issued loans for personal housing (domestic and foreign currencies) is about 3.1%, about 70 basis points lower than the same period last year. From the perspective of credit structure, the balance of inclusive small and micro loans was 33.43 trillion yuan, an increase of 12.4% year-on-year; the balance of medium- and long-term loans in manufacturing was 14.48 trillion yuan, an increase of 10.3% year-on-year, both higher than the growth rate of various loans during the same period.

People's Bank of China: This year, it will introduce a series of policies to fight a "combination punch". The People's Bank of China said that it will implement a moderately loose monetary policy this year, and the introduction of a series of policies will fight a "combination punch".

The central bank stated that this year's monetary policy should take into account multiple goals, not only strongly support the real economy, but also focus on preventing risks, but also crack domestic and foreign constraints such as China-US interest rate spreads and bank interest rate spreads. The policy should grasp a reasonable rhythm and intensity.

Industry insiders said that since this year, the central bank has made many positive statements about monetary policy in terms of total volume, interest rate, structure, exchange rate, etc., which is conducive to further enhancing market confidence. In terms of total volume, there is still room for downward trend in the deposit reserve ratio, indicating that the central bank has the ability and willingness to increase macro-control and support the real economy. In addition, in terms of structure, the central bank stated that it would study and create new structural policy tools, focusing on supporting investment and financing in the field of scientific and technological innovation, promoting consumption and stabilizing foreign trade. Experts said that increasing financial support for major strategies, key areas and weak links will help promote the smooth flow of macroeconomic circulation, accelerate the transformation of the economic structure, and cultivate new momentum.

In terms of exchange rates, the central bank has repeatedly stated that it must resolutely prevent the risk of exchange rate overshoot, have experience, confidence and ability to maintain the stable operation of the foreign exchange market. The central bank said that in the face of the macro environment, especially the uncertainties that may arise in the external environment, the central bank has reserved sufficient reserve tools and policy space, and the total amount of monetary and credit still has potential. There are many positive factors that support the improvement of the economic situation in the future. With the continued implementation and effectiveness of more active and effective macroeconomic policies, the financial system will provide more favorable and effective support for the recovery and improvement of the real economy and high-quality development.