Century ushered in macroeconomic regulation and control exams

 For the macro-control departments, has entered an unprecedented complex macroeconomic situation, macroeconomic regulation and control itself, is becoming an unprecedented exams.
Central bank announced the monthly financial operations from 14 reported that in May only to residents of savings deposits increase of 122 billion yuan, up by 63.8 billion less, is the smallest since August 2001 the amount of the monthly increase. The data show that as at 5 at the end, the balance of savings deposits of residents of RMB 15.4 trillion yuan, up 17.6% over the year decreased by 0.4 percentage point increase in savings has slowed down significantly.
central bank's explanation is that this year, especially in May, the stock market rose faster,UGG shoes, larger volume, the diversion of part of the savings deposits of residents, resulting in an increase of savings deposits has slowed down significantly .
This is certainly good news. expand the indirect financing channels for direct financing channels to reduce pressure on the central bank has been the hope and not to do. However, the central bank must know better than anyone, how much savings the sustainability of diversion. At 14, our stock market slump in global financial markets are in an atmosphere of lingering downturn. If the stock market lost wealth effect, the central bank or savings can only dream the dream of diversion.
14, the central bank announced the monthly report also revealed that financial operations is an obvious bad news, in May a total new RMB loans to 209.4 billion yuan, an increase of 100.5 billion yuan. so that all 1-May total new RMB loans of financial institutions has reached 1.7834 trillion yuan, more than a full year on target (2.5 trillion yuan) of more than 7 percent.
we see the central bank's basic assessment of these data is that gate, strict implementation of technical, environmental, safety and other market access standards. further inhibit the excessive growth of monetary credit. continue to guide commercial banks to invest a reasonable grasp the scale and pace of long-term loans.
general, these relevant price information and recent The information show that the upward trend, after a number of economic experts have repeatedly called for rate hikes should be answered coming out. But now the situation seems a bit special.
Also in 14, the central bank website hung out another press release: the central bank held a The interest rate seems to hope that is not high. in the benchmark lending interest rates shortly after the May 14, the central bank spokesman has been on main reasons, first, the high fixed-asset investment growth, and second, the central bank's foreign trade surplus continued to expand foreign exchange caused by rapid growth, the three commercial banks pay more attention to enhance the return on assets and shareholder returns, a strong motivation to increase loans, some bank loans invest significantly in advance,UGGs, in order to implementation of the new rate hikes or even to declare a new round of rate hike cycle, it basically can be expected. However, the greater the intensity of open market operations, the implementation of rate hikes even started a rate hike cycle, the number of moment to solve the macro- complex problems facing the economy, it seems there is doubt.
from customs sources said recently, in May trade surplus of 130 billion U.S. dollars, reaching record highs. Prior to the news that 3 at the end of this year, China's foreign exchange reserves reached 875.1 billion U.S. dollars on. Obviously, at 5 at the end, foreign exchange reserves exceeded 900 billion U.S. dollars, has no suspense.
level of foreign reserves caused by the rapid increase in foreign exchange too fast, it is awash with money flow the real source. We should not forget that occurred in the mid-1990s, high inflation, the main incentive for reform after the 1994 trade surplus exchange reserves accounted for models driven surge.
macro-control department of foreign exchange reserves accounted for mainly by paragraph excess liquidity caused by the proliferation of and potential risk of inflation,Bailey UGG boots, its own response to the road. For example, after the State Administration of Foreign Exchange issued a new policy, foreign exchange management system reform and relaxation of the private use of foreign exchange restrictions,UGG boots, loosening foreign exchange capital controls, abolition of foreign purchase of foreign investment quota; State Administration of Taxation full adjustment of export tax rebate policy deliberation, tax ratio will fall than rise less, or even some of the export tax rebate program will be canceled; 14 State Council executive meeting also stressed the promotion of balanced development of foreign trade. < br> However, China's economic growth has already formed a path for investment and export dependence. Although we may believe that China's economic structure has come to the eve of a fundamental change, however, before the occurrence of such a fundamental change in both to promote China's economic structural adjustment, not to hurt the Chinese economy under the premise of high growth, such as foreign exchange management system reform, and export policy adjustments, extensive use of monetary policy instruments, and even greater flexibility given to the RMB exchange rate, for the macro-control departments are concerned Do not say how effective these control measures in the implementation process and measured the intensity of the master of moderation, in itself is already a problem of unprecedented or even non-repeatable.