Finance will help the economy recover

[shapanwwuom]

Xuan Changneng, deputy governor of the People's Bank of China, stated at the press conference that in 2024, the People's Bank of China maintained a supportive monetary policy stance and implemented four relatively major monetary policy adjustments to help the economy maintain its recovery and support high-quality economic development. It is mainly reflected in four aspects:

In terms of total volume, maintain steady growth of money and credit. Comprehensively use a variety of monetary policy tools to maintain a reasonable level of liquidity, promote a reasonable growth in the scale of social financing and monetary credit, and guide loan interest rates to continue to decline.

Structurally, we will increase support for key areas. A 500 billion yuan re-loan for scientific and technological innovation and technological transformation will be established to effectively guide financial institutions chinese student data to increase financial support for first-time borrowers of technology-based SMEs, as well as for technological transformation and equipment renewal projects in key areas.

In terms of transmission, clear the policy interest rate transmission channels. The main policy interest rates are clearly stated, and the interest rate transmission relationship from short-term to long-term is gradually straightened out. Strengthen the implementation of interest rate policies, control idle capital, vigorously rectify manual interest adjustments, and optimize the self-discipline management of interest rates for corporate deposits and interbank demand deposits.

In terms of exchange rates, the RMB exchange rate has remained basically stable at a reasonable equilibrium level under complex circumstances. We will insist that the market plays a decisive role in exchange rate formation, give full play to the exchange rate's regulatory function on the macroeconomy and the balance of payments, adopt comprehensive measures, stabilize expectations, and take a series of powerful measures such as publicly declaring the central bank's position and making good use of macro-prudential management tools to prevent the risk of exchange rate overshooting.