News observation： the central bank’s response to hot issues involves social financing and credit data in the first quarter.

　　CCTV News:On April 18th, the State Council Press Office held a press conference to introduce the financial operation and foreign exchange receipts and payments in the first quarter of 2024. How to understand that the M2 broad money balance exceeds 300 trillion yuan? Does the decline in social financing and credit data in the first quarter reflect weak demand? The relevant person in charge of the central bank responded to these hot issues.

　　Zou Lan: It is a reflection of financial support for the real economy.

　　Data show that at the end of March, the balance of broad money M2 was 304.8 trillion yuan, up 8.3% year-on-year. Zou Lan, director of the monetary policy department of the central bank, said that this is a reflection of the continuous financial support for the development of the real economy over the past years. For a long time in the past, China’s economy maintained a high-speed growth, the economic volume continued to increase, and the accumulation of enterprise capital and residents’ assets accelerated, all of which would bring about an increase in money demand.

　　Industry: Money supply and economy are matched.

　　According to industry insiders, China has always adhered to a prudent monetary policy, and has not engaged in flood irrigation. In recent years, the overall money supply has been in line with economic growth and the needs of the real economy.

　　Revitalizing these stock currencies will become a policy force point.

　　How to revitalize this 300 trillion stock currency, provide further support for the development of the real economy, and support the key areas and weak links of the real economy will become the point of policy force.

　　Zhu Hexin: The previous monetary policy has achieved results.

　　Zhu Hexin, deputy governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said that at present, a series of monetary policies have achieved good results. It is mainly reflected in several aspects, including the steady growth of financial aggregate, the steady decline of financing cost, the continuous optimization of credit structure, the steady pace of credit and the strong resilience of foreign exchange market.

　　Zhu Hexin said that a series of monetary policy measures introduced in the early stage are gradually playing a role, and the national economy has continued to pick up and made a good start. In the future, there is still room for monetary policy. We will closely observe the policy effect, economic recovery and target realization, and make good use of the reserve policy at the right time.

　　The RMB exchange rate has a foundation and conditions to remain stable.

　　The data shows that recently, affected by external shocks, the exchange rate of RMB against the US dollar has fluctuated, and the RMB has remained stable against a basket of currencies, and has appreciated to some extent.

　　Create a suitable monetary and financial environment for economic improvement

　　Insiders said that to stabilize the economic recovery, it is necessary to maintain counter-cyclical adjustment. In terms of monetary policy, it is necessary to strengthen countercyclical adjustment according to the economic operation situation, and comprehensively use interest rates, reserves, refinancing and other tools to create a suitable monetary and financial environment for economic recovery.