The central bank held at the forum held by the governor of the branch of the people's Bank of China last weekend, said it will continue to implement moderately relaxed in the second half of the year.

The central bank said that in the second half of the year, we should adhere to the core of macroeconomic regulation by handling the relationship between steady and rapid economic development, adjusting the economic structure and managing inflation expectations. We should continue to implement moderately loose monetary policy, maintain continuity and stability of policies, and improve the pertinence and flexibility of regulation.

It is worth noting that this meeting emphasized the importance of monetary policy.

The central bank said that it should further enhance the predictability, pertinence and effectiveness of monetary policy, closely track and analyze the domestic and foreign economic and financial situation and market changes, and focus on the macroeconomic situation and monetary policy trends of major economies, the European sovereign debt crisis, the international financial market, the main domestic economic and financial indicators, the changes in the real estate market, the liquidity of the banking system, and so on.

"Without foresight, only pertinence and flexibility will lead to market uncertainty, which will lead to confusion in the market."

A state-owned big businessman pointed out.

Lian Ping, chief economist of Bank of communications, has also pointed out that asset price volatility will inevitably have an impact on the effectiveness of monetary policy as capital markets and real estate markets continue to grow and financial derivatives become increasingly rich.

Therefore, when making monetary policy, it is necessary to consider the possible impact of asset prices on a forward-looking basis. It is necessary to prevent unreasonable excessive flow of money into the fictitious economy, resulting in sharp fluctuations in asset prices. It is also necessary to improve the interpretation of asset price fluctuation information and improve the predictability of monetary policy responses.

On the use of policy tools in the second half of the year, the central bank said that in accordance with the expected annual monetary and credit targets set at the beginning of the year, we should further strengthen and improve liquidity management, rationally match open market operations, deposit reserve ratio and other tools to keep the liquidity of the banking system at a reasonable level, and guide financial institutions to reasonably grasp the total amount of loans, investment and pace, and strengthen coordination and coordination of macroeconomic policies.

For the second half of the year

In addition, the central bank clearly pointed out that strict implementation of differentiated mortgage policy to promote healthy and stable development of the real estate market.