央行：保持金融总量适度 着力稳企业保就业——专访中国人民银行行长易纲
（本文中英文原文来自中国人民银行官网，版权归中国人民银行所有）
http://www.pbc.gov.cn/en/3688110/3688172/4048269/4072491/index.html
Exclusive Interview with Governor Yi Gang by Xinhua News Agency
Since the beginning of this year, the unexpected outbreak of the COVID-19 pandemic has taken an unprecedented toll on the Chinese economy and the global economy as a whole. The People’s Bank of China (PBC) has resolutely strengthened countercyclical adjustments of monetary policy, developed innovative policy instruments and thus provided solid support for stabilizing businesses and safeguarding employment.
Facing the current economic and financial situations, how will the PBC implement the monetary policy in H2 2020 and how will it address the increasingly complicated and volatile international situations? The Xinhua News Agency had an exclusive interview with the PBC Governor Yi Gang on these issues.
Monetary Policy Has Been Effectively Implemented
Journalist: What financial policies has the PBC adopted to cope with the impacts of the pandemic?
Yi Gang: In response to the impacts of the pandemic, the PBC has resolutely strengthened countercyclical adjustments of monetary policy and developed innovative policy instruments. The major measures can be summarized in six aspects, namely “expanding aggregates, securing supply, promoting growth, lowering interest rates, adjusting structure, and protecting market entities.”
During the Spring Festival holiday, the PBC launched RMB300 billion worth of special central bank lending as an emergency measure, which yielded positive results in securing supply. Decisive efforts were made to support the reopening of China’s financial markets on February 3 following the holiday as scheduled, and a total of RMB1.7 trillion of short-term liquidity was injected into the markets, which was more than expected. After announcing an across-the-board cut of 0.5 percentage points in the required reserve ratio (RRR) on January 1, the PBC lowered the RRR for another two times, releasing RMB1.75 trillion of long-term funds in total.
Subsequently, the volume of monetary policy instruments increased from RMB300 billion, to RMB500 billion, and then to RMB1 trillion. Policies have different implications under different circumstances. As the volume grows, the interest rates are increasingly market-based. With these instruments, commercial banks have provided low-cost loans for the real economy, thus rendering strong support for stabilizing businesses and safeguarding employment.
Journalist: What’s your comment on the financial performance in H1 2020?
Yi Gang: There are indeed many gratifying outcomes registered in macro financial statistics for H1, which shows that the sound monetary policy has been effectively put in place. In terms of macro aggregates, various financial indicators were significantly higher than those of the same period last year. At end-June, broad money supply (M2) increased by 11.1 percent year on year, and outstanding aggregate financing to the real economy (AFRE) reported a year-on-year growth of 12.8 percent. Loans increased by RMB12.1 trillion in H1, RMB2.4 trillion more than the growth in the same period last year.
As for prices, since the beginning of this year, we have focused on guiding a downward movement of major market rates. The 7-day reverse repo rate dropped by 30 basis points to 2.2 percent. The interest rate of medium-term lending facility (MLF) was lowered by 30 basis points to 2.95 percent. The 1-year loan prime rate (LPR) fell by 30 basis points to 3.85 percent. The interest rate of central bank lending was reduced by 50 basis points.
With the guiding of the monetary policy, the overall market rates declined, which led to a significant reduction of the financing costs for businesses. In June, the weighted average interest rate of bond repos stood at 1.89 percent, 0.21 percentage points lower than that at end-2019; the 10-year government bond yield was 2.82 percent, down 0.32 percentage points from end-2019; and the interest rates on loans for inclusive finance, micro and small businesses (MSBs), private enterprises and the manufacturing sector all reached a record low. In particular, the lending rate for inclusive finance stood at around 5 percent, down 0.8 percentage points from a year earlier.
Descending interest rates have enabled vigorous support for the real economy, leading to significant optimization of the loan structure and a remarkable increase of market entities supported by inclusive MSB loans. At end-June, there were nearly 30 million market entities with a credit line, and over 23 million had outstanding loans. Most of these entities are MSBs and self-employed businesses.
Financial aggregate and increment will be kept at reasonable levels.
Journalist: What’s your view on China’s macroeconomic situations for the time being?
Yi Gang: Since the pandemic has been effectively contained domestically, China has taken the global lead in economic recovery. In Q2, China’s GDP bounced back strongly, expanding by 3.2 percent from a year earlier. This made China the only major economy to post positive growth.
For one thing, the industries have experienced rapid recovery; for another, demands have witnessed gradual revival, investments rebounded markedly, consumption continued to recover, and export picked up greatly. Along with the economic recovery, prices have remained stable.
Meanwhile, we are especially concerned about some prominent issues amidst economic recovery, including the huge pressure on ensuring the stability of businesses and security of employment and the difficulties in the recovery of micro, small and medium-sized enterprises (MSMEs) and self-employed businesses.
Generally, the hallmark of the Chinese economy, namely huge potential and strong resilience, remains unchanged. The Chinese economy is set to continue on a recovery path in H2 and is expected to achieve positive growth for the whole year.
Journalist: What are the priorities of the PBC in H2 2020?
Yi Gang: In H2, the PBC will continue to fully implement the decisions and arrangements of the CPC Central Committee and the State Council, adhere to the underlying principle of pursuing progress while ensuring stability, and follow the new development philosophy. Remaining committed to the primary task of advancing supply-side structural reform, the PBC will take solid steps to “ensure stability on the six fronts” (employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations) and “maintain security in the six areas” (the employment of residents, the basic livelihood of the people, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments). The PBC will keep both the financial aggregate and increment at reasonable levels, stabilize businesses and safeguard employment, forestall and defuse major financial risks, accelerate reform and opening-up in the financial sector, and thus promote sound development of the economy and the financial sector. The priorities at the next stage are as follows:
First, the monetary policy will be more flexible and appropriate and better targeted, and existing policies to stabilize businesses and safeguard employment will be fully implemented. A mix of monetary policy instruments will be used to guide M2 and AFRE to grow much faster than last year. With well-suited pace and improved structure, inclusive MSB loans and medium and long-term (MLT) manufacturing loans will be expanded at a reasonable level.
In terms of forestalling and defusing financial risks, the PBC will uphold the bottom line of risk prevention and make every effort to promote the conclusion of the three-year tough battle as scheduled. In the meantime, the PBC will make stepped-up efforts to shore up weak links in the financial risk resolution system, improve the contingency mechanism for major financial risks, and shift to routine risk management and resolution.
Furthermore, the financial institutional reform will be deepened. The PBC will promote the implementation of existing policies for financial reforms, and support the local governments’ mission of defusing regional financial risks and deepening the market-based reform of rural financial institutions within their means.
Besides, financial management and financial services will be enhanced. The PBC will make overall arrangements for poverty alleviation through financial means, and launch the pilot programs of green finance, inclusive finance and sci-tech finance.
Unswerving efforts will be made to promote orderly opening-up of the financial sector.
Journalist: Will the increasingly complicated and volatile international situations impact China’s financial opening-up, international cooperation and RMB internationalization?
Yi Gang: No matter how the international situations change, the most important thing is to run our own businesses well and unswervingly deepen the reform and opening-up of the financial sector. First, we will continue to effectively implement the China-US phase-one economic and trade agreement as well as the financial reform and opening-up measures unveiled in recent years, including the policies to remove foreign ownership limits on securities, fund management, futures and life insurance companies, to abolish the investment quota restriction on qualified foreign institutional investors (QFIIs) and RMB qualified foreign institutional investors (RQFIIs), and to approve the entry of American Express, MasterCard, Fitch Rating and other institutions into the Chinese market. Second, we will continue to implement the management model of pre-establishment national treatment plus a negative list, and unify the foreign exchange administration policies applied in the opening-up of the bond market.
China has consistently called for international cooperation in response to the pandemic. We will continue to engage deeply in global economic and financial governance, earnestly safeguard multilateralism, constructively participate in the G20 Debt Service Suspension Initiative (DSSI), and extend support in reducing debts for developing countries, emerging markets and some low-income countries.
Currently, RMB internationalization enjoys a very favorable momentum. In H1, the amount of cross-border RMB payment and receipt grew 36.7 percent year on year to reach RMB12.7 trillion, making RMB the second largest currency for cross-border payment and receipt in China for eight consecutive years. The share of RMB in global foreign exchange reserves was more than 2 percent in Q1, nearly doubling compared with 2016 when RMB was included in the Special Drawing Right (SDR) currency basket. We will continue to pursue the international use of the RMB and capital account opening-up in an active and prudent way.
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4069142/index.html
保持金融总量适度 着力稳企业保就业——专访中国人民银行行长易纲
今年以来，突如其来的新冠肺炎疫情给中国经济和全球经济都带来了前所未有的冲击。中国人民银行果断加大货币政策逆周期调节力度，创新货币政策工具，有力支持了稳企业保就业。
面对当前经济金融形势，下半年货币政策走向如何？怎样应对更加复杂多变的国际形势？新华社记者专访了中国人民银行行长易纲。
货币政策得到有效实施
记者：疫情冲击下，人民银行采取了哪些金融政策加以应对？
易纲：面对疫情冲击，人民银行果断加大货币政策逆周期调节力度，创新货币政策工具，主要措施可以概括为18个字，就是“扩总量、保供应、促增长，降利率、调结构、保主体”。
我们在春节假期期间紧急出台3000亿元专项再贷款，取得了积极的保供成效；坚定地支持金融市场在春节后2月3日如期开市，并超预期投放短期流动性1.7万亿元；继今年1月1日宣布全面下调存款准备金率0.5个百分点后，又两次下调存款准备金率，累计投放长期资金1.75万亿元。
随后，货币政策工具的数量从3000亿元增加到5000亿元，再增加到1万亿元，在不同的情形下，政策的含义是不同的，数量越来越大，利率越来越市场化。商业银行使用央行的这些工具为实体经济提供了低成本的贷款，有力支持了稳企业保就业。
记者：如何评价上半年金融运行情况？
易纲：上半年宏观金融数据亮点确实比较多，这也说明稳健的货币政策得到了有效实施。从宏观总量上看，各项金融指标明显高于去年。6月末，广义货币（M2）同比增长11.1%；社会融资规模同比增长12.8%；上半年新增贷款是12.1万亿元，同比多增了2.4万亿元。
从价格上看，今年以来，我们注重引导主要市场利率下行。公开市场7天逆回购操作中标利率下行30个基点至2.2%；中期借贷便利中标利率下行30个基点至2.95%；1年期贷款市场报价利率（LPR）下降30个基点至3.85%；再贷款利率下调了50个基点。
货币政策的引导使市场整体利率下行，带动了企业的融资成本明显降低。6月份，债券回购加权平均利率是1.89%，比上年末下降了0.21个百分点；10年期国债收益率是2.82%，比上年末下降了0.32个百分点；普惠金融、小微企业、民营企业、制造业的贷款利率都降至历史新低。特别是普惠金融的贷款利率目前在5%左右，比去年下降了0.8个百分点。
利率的下行，有力支持了实体经济，使得贷款的结构明显优化，普惠小微贷款支持的市场主体明显增加。6月末，有授信的市场主体近3000万户，有贷款余额的超过2300万户，这些主要是小微企业和个体工商户。
保持金融总量适度、合理增长
记者：如何判断当前中国的宏观经济形势？
易纲：由于新冠肺炎疫情在中国得到了有效控制，中国经济在全球实现了率先复苏。二季度我国GDP出现了比较强劲的反弹，GDP同比增长3.2%，是全球唯一正增长的主要经济体。
一方面，各产业恢复较快；另一方面，需求也逐步恢复，投资明显回升，消费继续修复，出口明显向好。在经济复苏的同时，物价水平也保持稳定。
我们也非常关注影响当前经济恢复的一些突出问题，比如稳企业保就业的压力比较大，中小微企业和个体工商户的恢复还面临一些困难等。
总的看，中国经济潜力大、韧性足的特点并没有改变，下半年我国经济增长将延续复苏的态势，全年有望实现正增长。
记者：下半年人民银行的工作重点是什么？
易纲：下半年，人民银行将继续认真贯彻落实党中央、国务院的决策部署，坚持稳中求进工作总基调，坚持新发展理念，以供给侧结构性改革为主线，扎实做好“六稳”工作，全面落实“六保”任务，保持金融总量适度、合理增长，着力稳企业保就业，防范和化解重大金融风险，加快深化金融改革开放，促进经济金融健康发展。重点做好以下几方面工作：
首先，货币政策要更加灵活适度、精准导向，切实抓好已经出台的稳企业保就业各项政策落实见效。综合运用多种货币政策工具，引导广义货币供应量和社会融资规模增速明显高于去年，同时注意把握好节奏、优化结构，促进普惠型小微企业贷款和制造业中长期贷款合理增长。
在防范和化解金融风险方面，要守住风险底线，全力以赴推动三年攻坚战如期收官，加快补齐金融风险处置的制度短板，健全重大金融风险的应急处置机制，并且转入常态化的风险防控和风险处置。
另外，不断深化金融领域体制和机制改革，推动已经出台的金融改革措施落地见效，支持地方政府以化解区域性金融风险为目标，量力而行，深化农村金融机构的市场化改革。
此外，继续做好金融管理和金融服务工作，统筹做好金融扶贫工作，深化绿色金融、普惠金融和科技金融创新试点等。
坚定不移推动金融业有序开放
记者：面对更加复杂多变的国际形势，中国金融对外开放、国际合作以及人民币国际化会不会受到影响？
易纲：不管国际形势如何变化，最重要的是做好我们自己的事，坚定不移地深化金融业改革和对外开放。首先，要继续执行好中美第一阶段经贸协议，落实好近年来宣布的金融改革和开放措施，比如取消证券、基金管理、期货、人身险等领域外资的股比限制；取消合格境外投资者和人民币合格境外投资者的投资额度限制；批准运通、万事达卡、惠誉等机构进入中国市场等。其次要继续推动全面落实准入前国民待遇加负面清单管理制度，统一债券市场对外开放的外汇管理政策。
中国一贯主张要在抗疫过程中开展国际合作，我们将继续深度参与全球的经济和金融治理，切实维护多边主义，建设性参与G20缓债倡议，为全球的发展中国家、新兴市场国家和一些低收入国家减债提供一定支持。
当前，人民币国际化的势头非常好。上半年，人民币跨境收付的金额是12.7万亿元，同比增长了36.7%，人民币连续8年成为我国第二大跨境收支货币。一季度人民币外汇储备的份额超过2%，比2016年加入特别提款权货币篮子（SDR）的时候增长了近一倍。我们将继续积极稳妥地推进人民币国际化和资本项目的开放。（记者吴雨）
