The background of China s monetary policy formulation in 2007

Robust.

In 2010, the central bank implemented an accommodative monetary policy. By 2011, the risk of domestic inflation increased, there was a huge foreign exchange inflow, the pressure gradually appeared, the loose monetary policy was no longer sustainable, and the central bank then implemented a prudent monetary policy.

Every year it's crap.

Sound finances.

prudent monetary policy".

Inflation was essentially high in 2011.

The central bank is the only one.

Tight monetary policy.

Keep raising interest rates. Monetary tightening policies such as repo increases.

In 2009, an expansionary monetary policy was introduced.

The People's Bank of China has conscientiously implemented a moderately loose monetary policy in accordance with the unified arrangements of "maintaining growth, expanding domestic demand, and adjusting the structure" and closely centering on the main tasks of "maintaining growth, expanding domestic demand, and adjusting the structure." We should guide financial institutions to increase their support for economic development on the premise of controlling risks, and ensure that the total amount of money and credit meets the needs of economic development. Carry out open market operations in a timely and appropriate manner to maintain reasonable and sufficient liquidity in the banking system.

Guide financial institutions to optimize the credit structure, adhere to the "differential treatment, there is pressure to maintain", continue to strengthen the "three rural", small and medium-sized enterprises, employment, education, post-disaster reconstruction, consumption and other credit support for improving people's livelihood, and increase financing support for industrial transfer, independent innovation, and coordinated development of the regional economy. Strengthen the coordination and cooperation of monetary policy, fiscal policy, and industrial policy, and create a good monetary and financial environment for economic development.

On the whole, the moderately loose monetary policy has been effectively transmitted. In the first half of the year, the total amount of money and credit grew rapidly, and the credit structure continued to be optimized, which played an important role in reversing the downward trend of economic growth and boosting market confidence, and strongly supported the steady and rapid development of the economy. At the end of June 2009, the balance of broad money ** M2 was one trillion yuan, a year-on-year increase, and the growth rate was one percentage point higher than that of the same period last year.

The demand deposits of enterprises and residents increased considerably. Various loans continued to grow rapidly, the proportion of medium and long-term loans gradually increased, and the growth rate of personal consumption loans rebounded sharply. In the first half of the year, RMB loans increased by one trillion yuan, an increase of one trillion yuan year-on-year.

At the end of June, the balance of RMB loans was one trillion yuan, a year-on-year increase, and the growth rate was one percentage point higher than that of the same period last year. The interest rate on loans to financial institutions continued to decline, and the weighted average interest rate on RMB loans to non-financial companies and other sectors in June was down by one percentage point from the beginning of the year. The RMB exchange rate remained basically stable at a reasonable and balanced level, and at the end of June, the central parity of the RMB exchange rate against the US dollar was RMB.

1. On the reform of China's monetary policy system during the transition period.

3. Do you think China should abandon the practice of using monetary ** as an intermediary target? Why?

2. 1. The basic conditions and constraints for the development of credit derivatives in China 2. The basic characteristics of China's credit issuance since the reform and opening up, and the collection of relevant information 3. Describe the relationship between credit derivatives transactions and the outbreak of the subprime mortgage crisis, which can be illustrated by the Lehman Brothers bankruptcy case.

31. What is the formula of the Z model, what is the critical value, and what is the risk of the enterprise exceeding this value?

2. In connection with the current subprime mortgage crisis in international finance, talk about the risks caused to China.