久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Finance

Adjustments to monetary policies eyed

Market stability, liquidity management emphasized to achieve growth targets

By ZHOU LANXU and OUYANG SHIJIA | CHINA DAILY | Updated: 2025-01-15 07:01
Share
Share - WeChat

China will adjust the intensity and pace of monetary policies at the right time to support the achievement of annual economic targets, officials said on Tuesday, reaffirming the market's accommodative monetary environment for 2025.

Taking the domestic economic situation as the main consideration in setting policy, central bank officials vowed to expand the scope of interest rate cuts and optimize policy tools that are supportive of the stock market, while warning against excessive speculation on the decline in the yields of Chinese treasury bonds.

Xuan Changneng, deputy governor of the People's Bank of China, the country's central bank, said at a news conference that macroeconomic policies will continue to enhance countercyclical adjustments to support the achievement of annual economic and social development goals.

"We will adjust and optimize the intensity and pace of policies at the right time, based on domestic and international economic and financial conditions, as well as the operation of financial markets," Xuan said, adding that the resilience of the yuan exchange rate has provided the conditions for China's monetary policy maneuvering.

A comprehensive use of monetary policy tools, such as interest rates and the reserve requirement ratio, which is the proportion of deposits that banks must keep as reserves, will be employed to ensure ample liquidity and an accommodative financing environment, he said.

To tamp down the financing costs that enterprises and individuals face, Xuan said the central bank will reduce banks' liability costs by maintaining deposit market order while stepping up capital replenishment of banks, financed by government bond issuances.

Wang Tao, head of Asia economics at UBS Investment Bank, said that policymakers "are showing a clear determination to stabilize economic growth". Wang predicted that the PBOC will cut the policy benchmark of interest rates by 30 to 40 basis points this year, after cuts of 30 basis points in 2024.

As the country launched incremental policies to revive economic growth and increased government bond issuances late last year, China's broad money supply, a leading economic indicator, recovered in December.

China's broad money supply, or M2, stood at 313.53 trillion yuan ($42.8 trillion) as of the end of 2024, up 7.3 percent year-on-year. The growth was up from 7.1 percent a month earlier, the central bank's data showed on Tuesday.

"Improvements in the expectations of economic growth will eventually be reflected in treasury yields," said Zou Lan, head of the PBOC's monetary policy department, warning against the risk of betting on a consistent decline in Chinese long-term treasury bond yields.

The PBOC said last week that it will suspend open market treasury bond purchase operations starting this month, after the 10-year Chinese treasury yield hit a historical low. Bond yields go in the opposite direction of prices.

Zou said the decision was aimed at avoiding an exacerbation of bond market fluctuations, adding that the central bank is using other tools to inject liquidity.

Xiong Yuan, chief economist at Guosheng Securities, said that with the central bank suspending its purchases of government bonds, the need for cutting the reserve requirement ratio to maintain ample liquidity has increased, and such a cut could come as early as the end of this month.

Zou added that the PBOC will optimize the design of two newly launched policy tools to stabilize the stock market, making it more convenient for enterprises and financial institutions to obtain ample funding to boost investment.

As of the end of 2024, the PBOC and financial institutions had swapped more than 100 billion yuan of securities via the securities, funds and insurance companies swap facility, to help financial institutions get liquid assets, the central bank said. Financial institutions exchange low-liquidity securities for high-liquidity ones, and then use these securities to finance the purchase of stocks.

Meanwhile, the issuance of panda bonds — onshore renminbi bonds issued by overseas financial institutions and enterprises — reached almost 200 billion yuan in 2024, a 32 percent increase from the previous year, while the issuance of offshore yuan bonds grew 150 percent year-on-year, according to the PBOC.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    91精品视频国产| 欧美一级黄色片视频| 黄色片一级视频| 天天综合五月天| 免费裸体美女网站| 国风产精品一区二区| 日本va中文字幕| www.亚洲视频.com| 黄色片免费网址| 老熟妇仑乱视频一区二区| 7777在线视频| 91小视频网站| 波多野结衣之无限发射| 一本—道久久a久久精品蜜桃| 干日本少妇首页| 亚洲乱码日产精品bd在线观看| 午夜免费一区二区| 亚洲人精品午夜射精日韩| 亚洲精品永久视频| 国产视频在线视频| 男人的天堂狠狠干| 青青草综合在线| 成人黄色一级大片| 国产精品亚洲a| 国产极品在线视频| 欧美狂野激情性xxxx在线观| 国产乱码一区二区三区四区| 亚洲免费看av| 久久综合久久色| 久久久一本二本三本| 女人被男人躁得好爽免费视频| 日韩av福利在线观看| 日本中文字幕观看| 久久国产激情视频| 91小视频网站| 天堂一区在线观看| 红桃视频一区二区三区免费| 三年中国国语在线播放免费| 欧美 日韩精品| 高清在线观看免费| 精品久久一二三| 国产av麻豆mag剧集| 精品少妇人欧美激情在线观看| 欧美另类videosbestsex日本| 毛片毛片毛片毛片毛| 午夜影院免费版| 色乱码一区二区三区熟女 | 三上悠亚在线一区二区| 日韩无套无码精品| 激情五月亚洲色图| 91插插插插插插插插| 三级视频中文字幕| 91 在线视频观看| 手机免费看av网站| 久久久成人精品一区二区三区 | 一本久道高清无码视频| 免费的av在线| 成人免费a级片| xxxx18hd亚洲hd捆绑| 国产男女在线观看| 欧美激情国产精品日韩| 99久久国产宗和精品1上映| 无码无遮挡又大又爽又黄的视频| 丁香婷婷激情网| 午夜免费看毛片| 异国色恋浪漫潭| 成年在线观看视频| 日本日本19xxxⅹhd乱影响| 久久婷婷国产精品| 日日噜噜夜夜狠狠| 天天综合中文字幕| www.九色.com| 1024av视频| 三上悠亚av一区二区三区| 久久精品一卡二卡| 成人免费在线网| 男人天堂成人在线| 久久久福利影院| 免费看欧美黑人毛片| 国产1区2区在线| 亚洲18在线看污www麻豆| 黄色一级大片免费| 国产精品第12页| av中文字幕网址| 国产精品国三级国产av| 欧美在线观看成人| 亚洲综合av在线播放| 久久久久久久久久伊人| 国产主播在线看| 天天av天天操| 日本欧美黄色片| 奇米影视四色在线| 日本中文字幕在线视频观看| 亚洲最大综合网| 乱熟女高潮一区二区在线| 日本一本二本在线观看| 黄色片免费网址| 久久婷婷五月综合色国产香蕉| 日本中文字幕精品—区二区| www.avtt| 亚洲午夜激情影院| 黄色大片中文字幕| 五月天丁香花婷婷| 色欲av无码一区二区人妻| 免费看啪啪网站| 欧美日韩在线免费播放| 欧美激情亚洲天堂| 成年人三级黄色片| 337p粉嫩大胆噜噜噜鲁| 亚洲在线观看网站| 中文字幕乱码人妻综合二区三区| 久久最新免费视频| 亚洲综合欧美激情| 又粗又黑又大的吊av| 99亚洲精品视频| 国产又黄又猛又粗| av免费观看网| 日本大片免费看| 日韩av加勒比| 国产精品一区二区羞羞答答| 国产玉足脚交久久欧美| 91蝌蚪视频在线| 日本www.色| 91传媒久久久| 日本福利视频在线观看| 天天操精品视频| 手机在线成人免费视频| 日本久久久精品视频| 青青青在线观看视频| 超碰91在线播放| wwwwww.色| 色欲av无码一区二区人妻| www.亚洲成人网| 欧美日韩亚洲国产成人| 亚洲激情在线观看视频| 免费午夜视频在线观看| 日韩国产欧美亚洲| 免费网站在线观看视频| 国产a级片免费看| 色综合五月婷婷| 手机av在线网| 午夜激情av在线| jizz欧美激情18| 国产视频一区二区三区在线播放| 日韩五码在线观看| 国产乱人伦精品一区二区三区| 99亚洲精品视频| 秋霞在线一区二区| 91免费视频黄| 免费观看中文字幕| 男女啪啪的视频| 欧美与动交zoz0z| 日本精品免费视频| 亚洲高潮无码久久| 异国色恋浪漫潭| 日本黄网站色大片免费观看| 久久精品在线免费视频| 成人高清dvd| 大片在线观看网站免费收看| 日韩不卡视频一区二区| www.欧美黄色| 欧美成人三级在线视频| 老太脱裤子让老头玩xxxxx| 18禁裸男晨勃露j毛免费观看| 男人添女荫道口图片| 成年人网站免费视频| 免费无码av片在线观看| 国产激情在线观看视频| 国产v亚洲v天堂无码久久久| 美女黄色片视频| 在线能看的av网站| 永久免费在线看片视频| 97中文字幕在线| 99精品人妻少妇一区二区 | 一级黄色在线播放| eeuss中文| 国产玉足脚交久久欧美| 免费欧美一级视频| 国产又黄又猛又粗又爽的视频| 久久人人爽av| 永久免费在线看片视频| 青青青青草视频| 青青在线视频免费| 日日噜噜夜夜狠狠| 国产人妻互换一区二区| 久久久久久久久久网| 天天影视综合色| 天天av天天操| 日本a在线免费观看| 97公开免费视频| 一级黄色录像免费看| aa在线观看视频| 超碰超碰在线观看| 国产在线无码精品| 四虎永久在线精品无码视频| 毛片毛片毛片毛| 成人免费a级片| 中文字幕第21页| 400部精品国偷自产在线观看| 国产成人无码a区在线观看视频|