货币政策如何护航经济大盘和金融稳定？ 强化利率政策执行和监督 疏解金融业“内卷式”竞争

Core Viewpoint - The net interest margin (NIM) of commercial banks has become a focal point in discussions about potential monetary policy easing in the second half of the year, particularly as it reached a new low of 1.43% in Q1 2023, reflecting intense competition and disorder in the lending market [1][2] Summary by Sections Monetary Policy and Net Interest Margin - The People's Bank of China emphasizes the need to balance support for economic growth with the health of the banking sector, as the NIM may constrain further interest rate cuts [1][2] - The NIM has been under pressure, declining from 2.08% in Q4 2021 to 1.43% in Q1 2023, primarily due to a low interest rate environment and a continuous decline in the Loan Prime Rate (LPR) [2] Competition and Financial Stability - The intensification of "involution" competition within the financial industry has raised concerns about the stability of the financial system, necessitating regulatory measures to curb excessive competition and ensure reasonable interest rates [3][4] - The central bank's recent meetings have focused on addressing issues related to capital turnover and the chaotic competition within the financial sector [3][4] Balancing Growth and Risk Prevention - Experts suggest that maintaining NIM stability is crucial for future monetary policy easing, as further declines could impact banks' sustainable development and their ability to support the real economy [2][5] - A more refined balance between "stabilizing growth" and "preventing risks" is necessary, with a focus on avoiding excessive monetary easing that could lead to long-term risks [6][7] Regulatory Measures and Future Outlook - The central bank plans to enhance the execution and supervision of interest rate policies to maintain healthy competition in the lending market and improve the transmission of monetary policy [6][7] - Ongoing efforts will include monitoring key financial risks and implementing targeted policies to address issues in local government financing platforms and other critical areas [7]