On June 10th, the 13th Lujiazui Forum opened in Shanghai. The theme of this forum focused on “China’s financial reform and opening up under global changes.” , The prevention of financial risks, IPO issuance, RMB exchange rate and other hot issues of concern to the market are elaborated.

Yi Gang, governor of the People’s Bank of China and co-chairman of this forum, said that considering that my country’s economy is operating within a reasonable range, near the potential output level, price trends The overall controllable, monetary policy should be adapted to the new development stage, adhere to the principle of stability, adhere to the implementation of normal monetary policy, especially pay attention to the balance of supply and demand across cycles, and grasp the intensity and rhythm of the policy.

Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, reminded ordinary individual investors in a keynote speech that participating in financial derivatives investment is tantamount to gambling in disguise and losing The result is already doomed. At the same time, we must always be vigilant against all kinds of “Ponzi schemes” that change patterns. There will be no pie in the sky, and the promotion of “guaranteed capital and high returns” is financial fraud. He also said that to strictly prevent the resurgence of shadow banking and prevent financial institutions from using intersecting financial products to increase leverage again, the new tricks of various “quasi-credit” must be contained in the initial stage.

The chairman of the China Securities Regulatory Commission, Yi Huiman, responded to the hot issues of market concern including the pace of IPO issuance and overseas listing of companies. He said that IPO issuance has not been tightened. There is no relaxation either. Of course, in the issuance rhythm, it is necessary to comprehensively consider the market endurance, the liquidity environment, and the coordinated development of the primary and secondary markets, and actively create a new stock issuance ecosystem that meets market expectations.

In response to the market’s concern about the RMB exchange rate, Pan Gongsheng, deputy governor of the Central Bank and Director of the Foreign Exchange Bureau, said that since the beginning of this year, the RMB exchange rate against the US dollar has fluctuated in both directions and is generally stable. The influencing factors are complex, and two-way fluctuations will become the norm. He reminded market entities to adapt to the normal state of two-way exchange rate fluctuations, establish a concept of exchange rate risk neutrality, avoid the “procyclical” and “streaking” behaviors of foreign exchange risk management, and do not bet on the appreciation or devaluation of the renminbi. Long-term bets must be lost.

Yi Gang: Interest rates are generally maintained at an appropriate level

Yi Gang said that monetary policy should pay attention to the impact of structural changes on prices. The aging of the population will lead to an increase in residents’ precautionary savings and a decrease in consumption propensity, thus having a restraining effect on inflation. The green transition will increase price trends.

In response to the much-watched inflation expectations, Yi Gang said that the recent global crude oil and other commodities prices have risen rapidly. The short-term rise in global inflation has become a fact, but whether inflation can continue in the long-term , There are huge differences.

He said that, comprehensively judged by various factors, the trend of China’s CPI this year was low and then high. The annual CPI The average increase is expected to be less than 2%. The external epidemic situation, economic recovery, macroeconomic situation and macroeconomic policies are all uncertain, and inflation and deflationary pressures from all quarters must not be taken lightly.
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