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Fine solutions alert January Bank of rapid credit growth "stable" ground

in 2014, the Central Bank set the tone, "continue to implement a prudent monetary policy" means why Word robust?

in fact, monetary policy is "robust" in reference to have for many years, but in different years, different persons, robust interpretation of the word is not the same, even different. On January 17, the Central Bank held 2014 year working Conference of money and credit, in this meeting, and finally to see 2014 "prudent monetary policy" true.

this Conference on the monetary and credit, the Central Bank once again highlighted the 2014 will continue to implement a prudent monetary policy. But unlike in the past, the Central Bank from two aspects of a prudent monetary policy to 2014 landing. It said, the central economic work Conference pointed out that to prepare for the 2014 economic work, the key is to adhere to "steady improvement, reform and innovation". Continue to implement a prudent monetary policy should be built around this core.

earlier, the Central Bank released data showing all of 2013 8.89 trillion yuan of new Yuan loans, financing scale of 17.29 trillion. Social financing reached record levels, the Renminbi loans hit a record high record.

Bank's financial research centre, 2014 annual pace than in 2013 a further easing of credit, new Yuan loans of 9.8 trillion to 10 trillion; social financing for 19 trillion to 19.6 trillion, raised the stock of year growth will be slow.

a joint-stock Bank said in December 2013, credit, weaker-than-expected, but after 2014, inertia of the Bank benefit early release early impulse remains, for now, bank credit delivery is quite fast.

the first 12 days of January, four new loans had reached 320 billion, up from 270 billion yuan in the same period last year. At this rate, in January this year, is expected to surpass 1 trillion yuan of new loans of financial institutions. Historical data showed that new loans in January 2013 1.07 trillion yuan.

Bank's financial research center, Xu Bo, said loan demand in early seasonal upswing, banks also increased the influence of the credit, new credit is expected in January and the Community financing has increased significantly.

"since January, in the more ample supply of liquidity in the banking system and commercial banks ' early release, early returns ' under the influence of rapid loan growth. "Central banks outside the year of rapid credit growth to remain vigilant. In addition, the Central Bank also said that Spring Festival is coming, cash requirements will increase significantly.

"historically, whenever the approaching Spring Festival, cash demand will begin to rise gradually, starting from mid-January repo rate will rise over time. Due to the Chinese new year in late January, in theory Peak now fully reflected in January. "Minsheng Bank (market, visits) financial markets researcher Ma Yue said residents now will reduce the Bank's overdue rates, this will still be a more obvious impact on liquidity.

salvaged from the Shanghai interbank offered rate (SHIBOR) recent trends can be seen, near Chinese new year funding level of tension. Terms of Shibor rates all rose on Friday, in which the Shibor jumped 52 basis points a week, hit a high of 4.776% levels.

in that meeting, the Bank said, departments should notify customers of money and credit risk, and guide financial institutions to strengthen the liquidity and asset/liability management, arranging the lending pace to prevent excessively rapid expansion of asset.

in fact, in addition to the January credit situation, monetary and credit for the year, the Central Bank once again stressed the need to implement a prudent monetary policy. And the difference is, the Central Bank explained from two aspects of prudent monetary policy ...

first, adhere to steady improvement. Of money and credit "stable" characterized by "total stability", focusing on the economic structure adjustment and transformation to create a stable monetary and financial environment; "into the" characterized by "structure", through the improvement and optimization of financing structure and credit structure, enhance economic capacity financial services entities.

Second, persist in reform and innovation. Spirit, ideas, ways to improve the reform of monetary policy, and reforms in the regulation of, and improve the efficiency of the allocation of financial resources.

for this year's work, the Central Bank will continue to finance reform in a very prominent location, "further interest rate market, further improve the Yuan exchange rate formation mechanism of market." In fact, in 2014, is generally considered to be the first year of the new round of financial reform in China. In that year, the deposit insurance system is likely to fall, interest rate liberalization, market-oriented exchange rate and capital account opening are considered to be making strides forward.

worthy of note is, the Central Bank also said on Friday, monetary policy tools needed innovation, enhance the relevance of macro-control, flexibility and effectiveness.

last time, innovation of Central Bank monetary policy tools will be introduced at the beginning of 2013. When the Central Bank introduced two new monetary policy tools, respectively, for short-term liquidity adjusted facility (SLO) and borrowing (SLF). SLO, SLF creation of greatly expanding the Central Bank's monetary policy tool box, in Central Bank initiative and flexibility at the same time, also the intention of the Central Bank's monetary policy easier to transfer. In June 2013, December twice the flow of cases, central banks by SLO to inject massive liquidity into banks, stabilize market expectations play a crucial role. Up to now, in the Toolbox in the Central Bank's open market operations, already has then stepped in, the repurchase, reverse repurchase, SLO, SLF and other policy tools.

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