On September 2, at the 2022 China International Finance Annual Forum with the theme of “opening up, integration and a green future”, Ruan Jianhong, director of the investigation and Statistics Department of the people’s Bank of China and spokesman, said that the financial industry takes serving the real economy as the fundamental point and starting point. Since the beginning of this year, financial services for the real economy, on the one hand, have helped the recovery and development of the economy. In accordance with the requirements of the epidemic “to be prevented, the economy to be stable, and the development to be safe”, We will persist in seeking progress while maintaining stability, take the initiative to respond and work ahead to support and stabilize the overall economic situation. On the other hand, it is to empower the transformation of the real economy, implement the new development concept, and build a new development pattern. We have made great efforts in science and technology finance, inclusive finance, green finance and digital RMB< Br > < div class = "contheight" > < / div > speaking of financial assistance for economic recovery and development, Ruan Jianhong said that since the beginning of this year, the people’s Bank of China has strengthened the implementation of a prudent monetary policy, given play to the dual functions of monetary policy instruments in terms of both aggregate and structure, and made efforts to improve the quality and efficiency of financial services to the real economy, achieving remarkable results< Br > < div class = "contheight" > < / div > first, liquidity is reasonable and abundant. In April, the people’s Bank of China reduced the deposit reserve ratio by 0.25 percentage points, and reasonably increased the supply of liquidity through a comprehensive use of refinancing, rediscount, medium-term loan facilities, open market operations and other methods. At the end of July, the growth rate of the social financing scale of broad money m2 and the balance of RMB loans remained above 10%. The loan interest rate continued to decline. From January to July, the enterprise loan interest rate was 4.29%, a year-on-year decrease of 0.34 percentage points< Br > < div class = "contheight" > < / div > Second, financial support for key areas and weak links has been strengthened. In April, the people’s Bank of China and the State Administration of foreign exchange issued 23 policies and measures to support financial support for epidemic prevention and control and economic and social development, support the relief of distressed subjects, smooth the national economic cycle, and promote the development of foreign trade and exports< Br > < div class = "contheight" > < / div > since the beginning of this year, the people’s Bank of China has increased the implementation of inclusive small and micro loan support tools, promoted the establishment of a long-term mechanism of “daring to lend, willing to lend, able to lend, and willing to lend” in financial services to small and micro enterprises, created special refinances for scientific and technological innovation, inclusive old-age care, and transportation logistics, increased the emergency loan of the people’s Bank of China, increased the credit line of 800 billion yuan for development and policy banks, and set up policy Develop financial tools to support the release of medium – and long-term infrastructure loans, complete carbon emission reduction support tools, and include foreign banks in the scope of financial institutions of this tool. Guided by the above tools, the structure of capital allocation has been optimized, efficiency has been improved, inclusive small and micro loans, and medium – and long-term loans for the manufacturing industry have increased significantly< Br > < div class = "contheight" > < / div > Third, financial reform and opening up continued to advance. The efficiency of financial services to the real economy has been continuously improved. In terms of interest rate marketization, the formation mechanism and transmission mechanism of market-oriented interest rates have been continuously improved. Since the beginning of this year, the quoted market interest rates of loans with one-year and five-year maturities have been reduced by 15 and 35 basis points respectively, effectively guiding the downward trend of market interest rates and reducing the financing costs of enterprises< Br > < div class = "contheight" > < / div > in terms of exchange rate, the RMB exchange rate formation mechanism has been continuously improved, and the exchange rate is floating in both directions. There are ups and downs to a basket of currencies. At the end of August, the exchange rate index against a basket of currencies was basically the same as that at the beginning of the year. Basically stable at a reasonable and balanced level< Br > < div class = "contheight" > < / div > in the financial market, new progress has been made in reform and opening up, the policy for foreign investors to invest in China’s bond market has been unified, and the interconnection of the interest rate swap market between the mainland and Hong Kong has been launched. In terms of RMB internationalization, the level of RMB internationalization has steadily improved. The people’s Bank of China has continued to improve the policy framework for cross-border RMB, supported cross-border e-commerce and other new forms of foreign trade, carried out RMB settlement, and expanded the business scope of banks’ overseas RMB loans< Br > < div class = "contheight" > < / div > in May this year, the RMB successfully passed the first review since joining the International Monetary Fund’s special drawing right basket, and its weight increased from 10.92% to 12.28%, which is the affirmation of the international community for China’s economic development and the achievements of financial reform and opening up< Br > < div class = "contheight" > < / div > Ruan Jianhong said that at present, China’s economy continues to recover and develop, and economic and social development continues to make new achievements. At the same time, it also faces some challenges. It is necessary to further play the supporting role of finance to consolidate economic recovery and development< Br > < div class = "contheight" > < / div > first, continue to create a reasonable and abundant liquidity environment. Since COVID-19, China has implemented a normal monetary policy without excessive stimulus, which has reserved space for subsequent monetary policy regulation. At present, the relatively mild rise in consumer prices has also created good conditions for the regulation and control of monetary policy. Monetary policy should further do a good job in cross cycle adjustment, maintain stable and moderate growth of money and credit, maintain reasonable and sufficient liquidity, and help economic development< Strong > at the same time, we also pay close attention to the inflation trend at home and abroad, do not flood, do not issue more money, and keep the price level basically stable < br > < div class = "contheight" > < / div > Second, we will continue to improve the system of structural monetary policy tools. First, continue to enrich and improve the structural monetary policy toolbox. Long term tools should pay attention to establishing and improving long-term mechanisms, and phased tools should speed up the implementation of established policies. The second is to adhere to incentive compatibility. The central bank’s funds should give full play to their prying role, guide financial institutions to allocate funds, and strengthen incentives and constraints to ensure accurate drip irrigation. Finally, we should strengthen the overall coordination with the total amount tools. Structural policy instruments have both aggregate and structural functions, and have the ability to put in basic money. They need to coordinate with aggregate instruments to jointly maintain reasonable and abundant liquidity< Br > < div class = "contheight" > < / div > Third, to further deepen financial reform and opening up, the market-oriented reform of interest rates should further improve the formation and transmission mechanism of market-oriented interest rates, stabilize the debt cost of banks, and promote the reduction of comprehensive financing costs of enterprises. The market-oriented reform of exchange rate should enhance the flexibility of RMB exchange rate, strengthen the management of expectations, and give play to the function of exchange rate as an automatic stabilizer for macroeconomic regulation and international payments. The internationalization of RMB adheres to improving the institutional arrangements for the cross-border use of RMB on the basis of market dominance, and increasing the convenience and operability of policies. At the same time, we will continue to improve the financial regulatory system, improve our regulatory capacity, and maintain the bottom line that systemic financial risks will not occur< Br > < div class = "contheight" > < / div > Ruan Jianhong said that in the next step, the people’s Bank of China will focus on further improving the strength and quality and efficiency of financial services to the real economy, taking into account short-term and long-term economic growth and price stability, internal and external balance, and supporting overall epidemic prevention and control and economic and social development.