The central bank for the first time to respond to the exchange rate and the price of the dispute exa xpphone

The central bank for the first time to respond to the exchange rate and the real struggle: exaggerate their field risk – Sohu news this year the RMB against the U.S. dollar since a significant devaluation, and hot property market risk increased sharply. Exchange rate and the price of the dispute has become a hot issue of concern. Everyone is guessing: the central bank in the end which will protect it? Yesterday, the central bank released the third quarter of this year, the implementation of monetary policy report, for the first time to abandon the exchange rate, stable prices or abandoned house prices, stable exchange rate to respond to the discussion. The report argues that the above views exaggerate the risks of their respective areas, is not a good practice. The total amount of money and interest rates and fundamentals, BYD reporter noted that the implementation of monetary policy the central bank yesterday released an article entitled "economic operation, monetary policy and structural adjustment" column in the report. The article said that since 2016, there have been positive changes in economic operation, economic growth and price gains overall more stable, according to the development of the situation changes, prudent monetary policy to pay attention to grasp the rhythm and intensity. In view of the decline in foreign exchange liquidity gap formation, taking into account the reserve tool may form the balance sheet effect and signal significance, have been more restricted, with more open market operations and medium-term lending facility to provide liquidity, maintain the basic stability of reasonable and appropriate liquidity and the interest rate level. Overall, the current monetary aggregates and interest rates and economic fundamentals change, monetary policy has always focused on the development and changes of the situation, strengthen the fine-tuning, maintain a neutral moderate monetary environment. "Abandoning the exchange rate, stable prices" and "abandoned housing prices, stable exchange rate" is not a good article pointed out that in the open economy situation, monetary policy is facing strong international comparison of asset price and exchange rate from the hard constraints. With the sustained and rapid economic growth, China’s residents, especially the rapid growth of housing assets. According to the estimates, since the reform and opening up of China’s residents of financial assets grew by more than 20% per year, while the size of housing assets reached about the size of the financial assets of about two. From an international point of view, the rapid growth of the stock of wealth will have a greater impact on the economy, the relationship between the economy and real estate more closely. Some time ago, the domestic part of the city real estate prices rose faster, the RMB exchange rate by the dollar index continued strong impact of a slight devaluation, the parties face the real estate and the exchange rate is concerned with the market, even once the discussion should abandon the exchange rate, stable prices "or" abandoned housing prices, stable exchange rate ". The article thinks, "a logical abandoned housing prices, is the stable exchange rate" monetary tightening, thus crowding out asset bubbles, and with high interest rates to stabilize the exchange rate, which will lead to passive deleveraging, crisis type costly, painful, in fact it is difficult to stabilize the exchange rate; abandon the exchange rate, stable prices "is monetary easing to support prices, to low interest rates to stimulate inflation and housing prices, which will also increase the structure distortion and the accumulation of debt, resulting in the adjustment of time longer, more costly. Looking to the future, China’s economy still has conditions to maintain steady and rapid growth. "The above views exaggerate the risks of their respective areas, and are not good practices." The article thinks, monetary policy,.相关的主题文章: