央行副行长陆磊重磅发言｜银行与保险

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing appropriate monetary policies to support economic stability and growth, focusing on optimizing credit structure and reducing financing costs for the society [3][5]. Group 1: Monetary Policy Implementation - The PBOC will adjust the intensity and pace of policy support based on domestic and international economic conditions, ensuring effective implementation of various monetary policy tools [3]. - In 2023, the PBOC has adopted a moderately accommodative monetary policy, introducing a series of measures to create a favorable monetary environment for economic development [3]. - Key actions include maintaining reasonable growth in money and credit, promoting a decrease in overall financing costs, and optimizing the structure of credit [3]. Group 2: Support for Hong Kong's Offshore RMB Market - The PBOC has been actively supporting the development of Hong Kong as an international financial center, enhancing the connectivity of financial markets between the mainland and Hong Kong [4]. - Efforts include promoting the construction of the offshore RMB market in Hong Kong and improving cross-border financial services such as account opening and payment systems [4]. - The PBOC aims to deepen cooperation and increase financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, while also enhancing the level of cross-border investment and financing [4]. Group 3: Credit Structure Optimization and Financing Cost Reduction - The PBOC plans to continue using multiple policy tools to ensure that policies are effectively implemented, thereby releasing policy dividends [5]. - Measures include maintaining adequate market liquidity through various operations and lowering policy interest rates by 0.1 percentage points, with structural tools seeing a reduction of 0.25 percentage points [5]. - Specific support includes a 500 billion yuan re-loan for consumption and elderly care, and an additional 300 billion yuan for technological innovation and transformation, alongside the introduction of risk-sharing tools for innovation bonds [5].