From deflation to neutral

The fourth quarter of 2011 China's monetary policy implementation report full text: in 2011, facing the complex economic environment at home and abroad, the national macro policy grasping good strength and rhythm, and made outstanding achievements. Economic growth and the overall price level or gradually stabilised, the balance of payments continues to improve, employment situation is good, the national economy to the macroeconomic regulation and control of the expected development direction. In 2011, realize the gross domestic product (GDP) 47.1 trillion yuan, a year-on-year increase of 9.2%, the consumer price index (CPI) rose 5.4% year-on-year. Follow prudent monetary policy, timely and measurable under attack for fine-tuning. 2011 years ago the third quarter, the inflation pressure facing increasing of the situation, the people's bank of China in accordance with the unified plan of the state council,cheap oakley sunglasses around keep the general level of commodity prices steady this basic macroeconomic regulation a priority, and the comprehensive use of various monetary policy tools, strengthening macro prudent management, has six times to raise deposit reserve rate were 3%, 3 times raised benchmark interest rates were 0.75%, flexible in the open market operation, the implementation of the difference reserve dynamic adjustment, the guidance currency credit growth smoothly callback, maintain reasonable social financing scale. In October, after the European sovereign debt crisis continue to spread, domestic economic growth is slowing, prices fell gradually and the changing situation, strive to improve the policy detail, flexibility and effectiveness, timely and measurable under attack for tuning, suspended three tickets issued epicenter, cut the deposit reserve rate 0.5%, adjust and optimize the difference reserve dynamic adjustment mechanism relevant parameters, and guide financial institutions to increase small miniature enterprise, "agriculture, rural areas and farmers" and national key project under the credit support continue. Overall see, the steady monetary policy implementation effect gradually appear. Currency credit growth smoothly callback, the RMB exchange rate flexibility increases. At the end of 2011, M2 balance is 85.2 trillion yuan, up 13.6%, year-on-year growth of 6.1% lower. RMB loan balance year-on-year growth of 15.8%, more than the previous year I4.1 low growth to, more than at the beginning of 7.47 trillion yuan. 2011 social financing scale for 12.83 trillion yuan, of which, the bond financing significantly increased. Financial institutions overall loan interest rate steady upward in December, non-financial enterprises and other departments of the weighted average interest rate of loans is 8.01%, up 1.82% from a year earlier. At the end of 2011, the yuan to the dollar exchange rate the middle price is 6.3009 yuan, ShangNianMo than rise by 5.11%. At present, China's economic and social development is still at the important period of strategic opportunities, the economy keeps steady and fast development have many advantages. But also have to see, domestic and international economic situation is still a very complicated and severe. The European sovereign debt crisis in the short term to effectively, the world economic instability and uncertainty. In China's economic imbalances, and lack of coordination and unsustainability contradictions and problems are still very outstanding, economic growth and rising prices downward pressure pressure coexist. The people's bank of China will be in accordance with the central economic work conference and national financial working meeting of the deployment, firmly grasp the theme of scientific development and to speed up the thread of the transformation of the mode of economic development, and deal with keep fast yet steady economic development, the adjustment of economic structure and the relationship between the management of inflation expectations to continue to implement the steady monetary policy, keep the continuity and consistency of policy, closely monitoring the economic and financial development and change the situation at home and abroad, strengthen the regulation of the pertinence,aviator sunglasses flexibility and forward-looking, timely and measurable under attack for tuning, keep the general level of commodity prices basic stability, promoting fast yet steady economic development. The comprehensive use of various monetary policy tools combination, sound macro prudent policy frame, the collaborative play good inverse cycle regulatory function, in the total amount of the moderate further optimization based on credit structure, adjust good money and credit supply, keep the reasonable social financing scale and better service to the real economy. Steadily market-oriented interest rate reform, further improve the RMB exchange rate mechanism. Promoting financial market criterion development, deepen the reform of financial institutions. Effectively guard against systemic financial risks, and keep financial system is stable.

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