经济新常态下的市场流动性供给转型

Market Liquidity in the 'New Economic Normal'

经济新常态下,经济发展向更加重视经济增长质量转变,供给侧改革持续发力,去杠杆持续深化,金融监管不断加强,美联储加息与贸易战拉锯,多因素制约货币政策调控。在外汇占款下降的档期,流动性供给模式为适应经济金融新常态而迈出转型步伐,向结构化精准调控转变,向价格型调控转变,保证流动性合理稳定,支持实体经济稳中向好,保证不发生系统性金融风险的底线。

In a period described as a ＂new economic normal＂ the focus of economic development has shifted to ＂quality growth＂ from absolute growth. At this time of substantial economic adjustment, supply-side reforms continue, de-leveraging is being enhanced and financial supervision is being strengthened. At the same time a number of factors, including trade wars and interest rate increases by the US Fed, have constrained China＇s options as authorities implement monetary policy. The decline in the nation＇s foreign exchange holdings has required an adjustment in the liquidity supply model in order to fit this ＂new normal.＂It has resulted in a shift toward more precise methods of macroeconomic adjustment and control, as well as a movement to greater price-based management and a deepening of interest rate reforms. This has been necessary to support stable development of the real economy and prevent systemic financial risks.