gtfintechlab/peoples_bank_of_china · Datasets at Hugging Face

sentences stringlengths 34 1.04k	stance_label stringclasses 4 values	time_label stringclasses 2 values	certain_label stringclasses 2 values	year int64 2k 2.02k	__index_level_0__ int64 1 999
after analyzing the economic and financial situation, the committee held that it was a critical time for the stability and recovery of the chinese economy.	dovish	forward looking	certain	2,009	265
the monetarypolicy committee of the people’s bank of china (pbc) held its first quarterlymeeting of 2008 in beijing days ago.	irrelevant	not forward looking	certain	2,008	374
however, its endogenous growth dynamics is still not strong enough, and the demand drivers are still inadequate.	dovish	not forward looking	uncertain	2,023	769
on the other hand, due to a number of factors such as the european debt crisis, with global economic growth remaining tepid, instability and uncertainty rising, the chinese economy still faced complex domestic and external situation.	neutral	not forward looking	certain	2,011	825
considering the situation, the pbc will place an utmost priority on stability and pursue progress while ensuring stability.	neutral	forward looking	certain	2,021	715
the sound monetary policy responds to the need for countercyclical adjustment.	hawkish	not forward looking	certain	2,019	834
it will pursue the strategy of expanding domestic demand while deepening supply-side structural reform, strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balance internal and external equilibria.	dovish	forward looking	certain	2,024	417
the sound monetary policy is practiced responding to the requirements of countercyclical adjustment, the rapid growth of macro leverage ratio has been initially curbed, the prevention and control of financial risks is steadily and resolutely carried forward, and continued improvements have been made to the quality and efficiency of the financial sector serving the real economy.	dovish	not forward looking	certain	2,019	730
the structural monetary policy tools will be effectively leveraged for accurate liquidity provision to strengthen “direct reach” of policies.	dovish	forward looking	certain	2,020	791
however, the trend of relatively rapid economic development to aneconomic overheating has yet not been contained, represented by excessivecredit extension and increased inflationary pressure.	hawkish	not forward looking	certain	2,007	881
financial institutions will be encouraged to increase credit support for enterprises providing supplies for epidemic containment, resumption of work and production, poverty alleviation, spring farming and tillage preparation, poultry and livestock breeding and foreign trade.	dovish	forward looking	certain	2,020	752
liquidity in the banking system remains adequate, money and credit supply grows rapidly, and the financial system functions in a stable manner.	hawkish	not forward looking	certain	2,009	667
market supply and demand of foreign exchange should be allowedto play a greater role in the process of increasing rmb exchange rateflexibility, with a view to keeping the rmb exchange rate basically stable atan adaptive and equilibrium level.	dovish	forward looking	certain	2,007	880
in addition, it will focus on expanding domestic demand and boosting confidence so as to promote continuous economic recovery.	dovish	forward looking	certain	2,024	187
at present, the work of pandemic prevention and control in china continues to improve, and the restoration of the order of production and life is picking up pace.	neutral	forward looking	certain	2,020	535
while strengthening the coordination with fiscal, industrial, and regulatory policies, the pbc will coordinate financial support for the real economy and risk prevention, ensure that china’s economy performs within a reasonable range, and contribute to high-quality development of the economy, thereby standing ready for the convening of the 20th cpc national congress.	neutral	forward looking	certain	2,021	195
the role of direct financing will be further tapped to meet the diverse demand for investment and funding to promote the sound development of the financial markets.	dovish	forward looking	certain	2,012	356
the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, noting that while the chinese economy broadly remainedin sound situation, problems of excessive growth of investment, overly largesurpluses recorded in foreign trade and more than desired expansion of creditstill existed.	hawkish	not forward looking	certain	2,007	27
with the sound monetary policy maintaining its continuity, stability and sustainability, we have scientifically managed market expectations, made great efforts to serve the real economy and effectively prevented financial risks.	dovish	not forward looking	certain	2,021	555
we need to implement a sound monetary policy in a targeted and effective manner, make intertemporal adjustments, give better play to the role of monetary policy tools in adjusting both quantity and structure, and make every effort to stabilize growth, employment, and prices.	dovish	forward looking	certain	2,023	995
it will concentrate on running its own affairs well and delivering good cross-cycle policy designs, so as to bolster high-quality economic development.	dovish	forward looking	certain	2,021	99
it was emphasized at the meeting that to implement the decisions of the 18th cpc national congress, the central economic work conference and the executive meetings of the state council, the latest developments in the financial market and real sector at home and abroad and the changes in international capital flow will be closely monitored; in accordance with the general requirements of keeping the continuity and stability of macro-economic policies, the sound monetary policy will be continued, and policy measures will be more targeted and balanced; fine-tuning and preemptive adjustment will be conducted when necessary; efforts will be made to strike a balance among pursuing stable growth, adjusting economic structure, promoting reform and preventing risks; optimize the allocation of financial resources; make good use of the new loans and mobilize the stock of credit assets in order to create a good financial environment and monetary conditions for the adjustment of economic structure, upgrading and transformation of the economy.	neutral	forward looking	certain	2,013	882
it will smooth the transmission mechanism of the monetary policy to improve the efficiency of capital utilization.	dovish	forward looking	certain	2,024	504
domestically, the economy is on a recovery trajectory, but the pressures of shrinking demands, supply shocks and waning expectations still exist.	dovish	not forward looking	certain	2,022	810
the managedfloating exchange rate regime will be further improved in a self-initiated,controllable and gradual manner to give market supply and demand a fundamentalrole in the formation of rmb exchange rate and keep rmb exchange rate broadlystable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,006	452
it was agreed that since the beginning of 2022, china has coordinated covid-19 containment and economic and social development, effectively implemented macroeconomic policies, and stabilized economic and social development to the greatest extent possible.	neutral	not forward looking	certain	2,022	602
it was noted at the meeting that since the beginning of 2024, the pboc has sought progress while giving top priority to the stability of macro policies, pursued a prudent monetary policy that is flexible, moderate, precise, and effective, strengthened the counter-cyclical adjustments, and used a mix of policy tools, such as interest rates, the required reserve ratio (rrr) and central bank lending, thereby providing support for the real economy, effectively forestalling financial risks, and creating a sound monetary and financial environment for economic recovery.	dovish	not forward looking	certain	2,024	631
in addition, the pbc will advance the high-level two-way opening-up of the financial markets, and improve the capacity for economic and financial oversight as well as risk management in an open economy.	dovish	forward looking	certain	2,022	410
it will optimize the regulation of deposit rates, and adjust the method of determining the self-regulatory ceiling of deposit rates.	dovish	forward looking	certain	2,021	321
it was agreed that the chineseeconomy in general was in good shape, and macroeconomic management had achievedsignificant results.	neutral	not forward looking	certain	2,004	28
it will work toward an economy with a higher-level equilibrium in the course of economic recovery, and celebrate the 100th anniversary of the founding of the cpc with outstanding accomplishments.	neutral	forward looking	certain	2,021	951
while the sound monetary policy stance is maintained, a mix of policy instruments should be flexibly used to appropriately adjust money supply on a timely basis.	neutral	forward looking	certain	2,002	630
specifically, it will continue to implement the policy of deferred repayments on loans to micro and small businesses (msbs) and the support scheme for unsecured loans, to reinforce the support extended to inclusive finance through central bank lending and central bank discounts, and to guide financial institutions to step up support for areas such as sci-tech innovation, msbs and green development.	dovish	forward looking	certain	2,021	898
it was pointed out at the meeting that the economic recovery is still uneven despite the growth of driving forces for domestic economic development and the remarkable increase of positive factors.	dovish	not forward looking	certain	2,021	456
the monetary policy committee of the people’s bank of china (pbc) recently held its fourth quarterly meeting of 2017 in beijing.	irrelevant	not forward looking	certain	2,017	447
the pboc will apply the new development philosophy fully, faithfully and comprehensively, speed up building a new development paradigm, effectively upgrade and appropriately expand the economic output, and promote the continuous overall improvement of economic operation.	dovish	forward looking	certain	2,023	499
financial institution will be encouraged to issue loans to manufacturing and other key areas for equipment upgrading.	dovish	forward looking	certain	2,022	436
the rmb exchange rate has moved in both directions with stable expectations and remained basically stable at an adaptive and equilibrium level.	neutral	not forward looking	certain	2,024	772
it was also agreed that the deposit and loan interestrates and the exchange rate of rmb should be kept stable, and market-basedinterest rate reform should be steadily advanced.	neutral	forward looking	certain	2,003	644
in this way, it is expected to enhance the vitality and resilience of the financial market and foster a modern financial system that features strong adaptability, competitiveness and inclusiveness.	dovish	forward looking	certain	2,021	213
the pbc will ensure stability on six fronts, namely, employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations, and maintain security in six areas, namely, employment, the people’s basic livelihood, the operations of market entities, food and energy, stable industrial and supply chains, as well as the normal functioning of primary-level governments, so as to get off to a good start for the 14th five-year plan period with high-quality development.	neutral	forward looking	certain	2,020	220
it will put into effect the financial policies that aim to promote the healthy development of the platform economy.	neutral	forward looking	certain	2,024	11
by promoting the balance between internal and external equilibria, and coordinating financial support for the real economy and risk prevention, the pbc will ensure the national economy performs within a reasonable range, promote high-quality economic development, and thereby stand ready for the convening of the 20th cpc national congress.	dovish	forward looking	certain	2,022	806
the pbc will innovate and improve marco adjustments and use a combination of monetary policy instruments to keep the rmb exchange rate generally stable at an adaptive and equilibrium level, strike a balance among interest rates, exchange rates and the country’s balance of payments, facilitate the stable and sound development of economy, stabilize market expectations, prevent and defuse financial risks, and hold the bottom line of preventing systemic financial risks.	neutral	forward looking	certain	2,018	249
based on the requirements in deepening supply-side structural reform, efforts will be made to improve financing and credit structures, to enable private enterprises to get financial support that matches their contributions to the economic and social development, to enhance the financial sector’s capacity to serve the real economy by comprehensively implementing policies, and to foster a virtuous triangular cycle among keeping monetary policies prudent, enhancing the vitality of micro entities and giving play to the functions of the capital market, so as to nurture the overall virtuous cycle of national economy.	dovish	forward looking	certain	2,018	482
the real economy and financial sector have both made good progress in structural adjustments, yet the downward pressure on china’s economy is mounting.	dovish	not forward looking	certain	2,019	389
the monetary and credit aggregates are basically commensurate with the needs to sustain economic growth.	neutral	not forward looking	certain	2,002	746
the pbc will deepen reforms to make the interest rate and exchange rate more market-based, improve the market-oriented interest rate formation and transmission mechanism, guide enterprises and financial institutions to remain risk neutral, stabilize market expectations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,020	121
the pbc will further bring into play the propelling force of central bank lending, central bank discounts, as well as the monetary policy tools that provide direct support for the real economy, to increase financial support for sci-tech innovation, micro and small businesses (msbs) and green development, and to continue to implement the policy of deferred repayments on msb loans and the support scheme for unsecured loans.	dovish	forward looking	certain	2,020	952
in general, the performance of the financial industry was soundand stable.	neutral	not forward looking	certain	2,005	231
the meeting stressed that under the guidance of xi jinping thought on socialism with chinese characteristics for a new era, the pbc will earnestly implement the guidelines of the 19th national congress of the communist party of china (cpc), all the plenary sessions of the 19th the cpc central committee, the central economic work conference and the report on the work of the government, as well as the decisions and arrangements of the cpc central committee and the state council.	irrelevant	forward looking	certain	2,021	129
senior officials from the pbc’s operation office, tianjin and nanjing branches attended the meeting as observers.	irrelevant	not forward looking	certain	2,013	36
fixed asset investment continued to expandrapidly, consumer demand remained buoyant and cpi maintained its risingmomentum since the second half of 2003.	dovish	not forward looking	certain	2,004	76
moreover, it will deepen the market-oriented reform of exchange rates to enhance the flexibility of the rmb exchange rate, guide enterprises and financial institutions to remain risk neutral, strengthen expectation management, and promote the balance between internal and external equilibria, so as to keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,022	41
it was noted at the meeting that since the beginning of 2024, the pboc has enhanced macro regulation, pursued a sound monetary policy that is flexible, moderate, precise, and effective, steadfastly adhered to an accommodative stance, strengthened counter-cyclical adjustments, and improved monetary policy framework.	neutral	not forward looking	certain	2,024	479
the pbc will build the system and mechanism needed to provide effective financial support for the real economy, improve the system for providing financial support for innovation, and guide financial institutions to issue more medium and long-term (mlt) loans to the manufacturing sector.	dovish	forward looking	certain	2,022	387
reform of the financial system will be deepened to enhance the efficiency of financial sector and its ability to serve the real economy.	neutral	forward looking	certain	2,014	96
meanwhile, it will strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balance internal and external equilibria.	neutral	forward looking	certain	2,023	463
it will work unswervingly to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector, and provide better financial services for the development and growth of the private economy.	dovish	forward looking	certain	2,024	360
specifically, the pboc will integrate implementation of the strategy to expand domestic demand with efforts to deepen the supply-side structural reform, and it will motivate business entities while ensuring policy effects, aiming to strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balancing internal and external equilibria.	dovish	forward looking	certain	2,023	609
besides, forceful actions should be takento push ahead institution building in the financial market, expand directfinancing, and promote a balanced development of the financial markets.	dovish	forward looking	certain	2,006	618
considering the situation, the pboc will overcome difficulties, and build on this momentum to intensify macro adjustments, and implement a sound monetary policy in a targeted and effective manner.	dovish	forward looking	certain	2,023	871
the sound monetary policy responds to the need for forward-looking and targeted regulation and countercyclical adjustments.	neutral	forward looking	certain	2,020	971
according tothe overall arrangement of the state council, the pbc closely monitoredeconomic and financial performance and employed a combination of monetarypolicy instruments to enhance liquidity management, steadily advance market-basedinterest rate reform, and strengthen rmb exchange rate flexibility.	dovish	forward looking	certain	2,007	82
at present, the pbc should thoroughly, accurately andpositively understand and carry out the central government's decision andarrangement on macro-economic management, stick to market-orientation in policymaking, follow the economic principles, support capital market development, givefull play to the movitation and creativity of economic agents, strengthen thecoordination with industrial policy and fiscal policy, and improve theselection and intensity of proper policy instruments so as to ensure the steadyand relatively fast economic growth.	dovish	forward looking	certain	2,004	3
the performance of the financial sector and the overall price level are both stable.	neutral	not forward looking	certain	2,014	552
the transition of the pricing benchmark of outstanding floating-rate loans has been completed successfully.	dovish	not forward looking	certain	2,020	355
it was noted at the meeting that uncertainties incurred by changes in external environment are on the rise as the momentum for world economic growth is lackluster, and inflation eases somewhat.	dovish	forward looking	uncertain	2,024	19
the pbc will also strive to remove obstacles in monetary policy transmission.	neutral	forward looking	certain	2,020	551
the monetary policy committee of the people's bank of china (pbc) held its 3rd regular quarterly meeting of 2002 in beijing days ago.	irrelevant	not forward looking	uncertain	2,002	557
participants analyzed the economic and financial landscapes at home and abroad and concluded that chinese economy is stable and improving, though complex as usual.	irrelevant	not forward looking	uncertain	2,017	468
the rmb exchange rate has moved in both directions and remained basically stable at an adaptive and equilibrium level, serving as a stabilizer for the macro economy.	neutral	forward looking	certain	2,023	474
moreover, the pboc will deepen the market-oriented reform of exchange rates to guide enterprises and financial institutions to remain risk-neutral, implement a mix of policy measures to stabilize market expectations, and resolutely prevent major exchange rate fluctuations, so as to keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,023	343
the market-oriented reform of exchange rates will be deepened to enhance the flexibility of the rmb exchange rate, guide enterprises and financial institutions to remain risk neutral, strengthen the management of expectations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,021	228
effective measures will be taken to prevent and defuse financial risks, so as to achieve risk prevention while facilitating high-quality development, properly manage the intensity and pace of risk resolution, stabilize market expectations, and hold the bottom line of preventing systemic financial risks.	hawkish	forward looking	certain	2,019	332
following the decisions and arrangements made by the cpc central committee and the state council, we will pursue the general principle of making progress while ensuring stability, firmly grasp the primary task of high-quality development and steadily advance the chinese path to modernization.	neutral	forward looking	certain	2,023	2
moreover, it will deepen the market-oriented reform of exchange rates, guide enterprises and financial institutions to remain risk neutral, and implement a mix of policy measures to rectify deviations and stabilize expectations.	dovish	forward looking	certain	2,024	166
efforts will be made to guide financial institutions to optimize their credit structure, prevent financial risks and improve their financial services to better serve the real economy and ensure a stable and relatively fast economy growth.	dovish	forward looking	certain	2,012	641
it was noted thatthe chinese economy has continued to display a steady and relatively fastgrowth momentum since 2005.	dovish	not forward looking	certain	2,006	484
the monetary policy committee of the people's bank of china (pbc) held its second quarterly meeting of 2009 in beijing days ago.	irrelevant	not forward looking	certain	2,009	651
the pbc will take more proactive measures to boost support for the real economy.	dovish	forward looking	certain	2,021	782
in their view, china's economic and financial sectors performed in a relatively moderating and stable manner.	neutral	not forward looking	certain	2,012	854
it was emphasized at the meeting that following xi jinping’s thought on socialism with chinese characteristics for a new era, pbc will earnestly implement the principles of the 19th national congress of the communist party of china (cpc), the central economic work conference and the report on the work of the government, and adhere to the principle of pursuing progress while ensuring stability in accordance with decisions and arrangements by the cpc central committee and the state council.	neutral	not forward looking	certain	2,019	902
the market-based interest rate reform should be pursued, and theleverage role of interest rate should be played out.	dovish	forward looking	certain	2,008	1
it was concurred that the economic situation continued to be broadly favorable.	neutral	not forward looking	certain	2,006	923
the central bank will deepen the market-oriented reform of exchange rates to enhance the rmb exchange rate flexibility, guide enterprises and financial institutions to remain risk neutral, strengthen expectation management, promote the balance between internal and external equilibrium, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,021	958
a mix of monetary policy tools will be used and macro-prudential policy measures will be employed to make counter-cyclical adjustment, to keep the money and credit aggregates and all system financing aggregates at reasonable volumes.	neutral	forward looking	certain	2,011	809
however, the global pandemic and the world economy remains in a severe and complex situation, and preventing a resurgence of covid-19 at home remains an arduous task, posing risks and challenges to china’s economic development.	hawkish	forward looking	certain	2,020	180
following the guidance ofthe communist party of china’s central committee and the state council, the pbcstrengthened financial macro control to preserve balances at aggregate level.the economic and financial performance has broadly remained in sound situation.	neutral	not forward looking	certain	2,007	874
the monetary policy committee of the people’s bank of china held its 4th quarterly meeting a few days ago in beijing.	irrelevant	not forward looking	certain	2,014	346
it will build the systems and mechanisms for providing effective financial support for the real economy, implement the action plan to increase financial support for technology-based enterprises, and guide financial institutions to issue more medium and long-term loans to the manufacturing sector, thereby expediting the building of a modern industrial system.	dovish	forward looking	certain	2,023	856
the countercyclical adjustments of macro policies should be intensified so as to invigorate micro entities and make all-round progress in stabilizing employment, the financial sector, domestic and foreign investment, foreign trade and expectations.	dovish	forward looking	certain	2,020	765
we will improve consumer financial services with respect to commodities and social services, and proceed with greater financial support for enterprises to stabilize and expand employment, as well as for targeted groups to start businesses and seek employment.	dovish	forward looking	certain	2,023	975
however, some emerging market economies still face challenges, and the international financial market has potential risks.	neutral	not forward looking	uncertain	2,017	643
work will be done to implement financial policy measures to promote healthy development of the platform economy so as to promote standardized, healthy and sustainable development of platform enterprises.	dovish	forward looking	certain	2,023	800
the pbc will build the systems and mechanisms needed to provide effective financial support for the real economy, improve the system for providing financial support for innovation, and develop funding chains for innovation chains and industrial chains, thereby creating a virtuous circle and interaction among the financial sector, the sci-tech sector and industries.	dovish	forward looking	certain	2,021	188
the global economy is gradually recovering, with continued recovery in major developed countries and certain challenges in some emerging economies.	neutral	not forward looking	certain	2,017	671
it was pointed out at the meeting that amid sluggish economic growth, elevated inflation, and persistent geopolitical conflicts worldwide, the tightening effect of central bank policies in developed countries is evident, and the volatility of international financial markets is intensifying.	hawkish	forward looking	certain	2,023	471
the pbc will deepen reforms to strengthen the market’s role in setting interest rates, facilitate the transition of pricing benchmark of outstanding loans with floating rates, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	hawkish	forward looking	certain	2,019	533
it was noted at the meeting that efforts will be made to follow up the world’s economic and financial developments, enhance the research and analysis of international economic situations, strengthen the coordination of international macroeconomic policies, and concentrate on doing our own affairs well.	neutral	forward looking	certain	2,020	113

after analyzing the economic and financial situation, the committee held that it was a critical time for the stability and recovery of the chinese economy.

dovish

forward looking

certain

2,009

265

the monetarypolicy committee of the people’s bank of china (pbc) held its first quarterlymeeting of 2008 in beijing days ago.

irrelevant

not forward looking

certain

2,008

374

however, its endogenous growth dynamics is still not strong enough, and the demand drivers are still inadequate.

dovish

not forward looking

uncertain

2,023

769

on the other hand, due to a number of factors such as the european debt crisis, with global economic growth remaining tepid, instability and uncertainty rising, the chinese economy still faced complex domestic and external situation.

neutral

not forward looking

certain

2,011

825

considering the situation, the pbc will place an utmost priority on stability and pursue progress while ensuring stability.

neutral

forward looking

certain

2,021

715

the sound monetary policy responds to the need for countercyclical adjustment.

hawkish

not forward looking

certain

2,019

834

it will pursue the strategy of expanding domestic demand while deepening supply-side structural reform, strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balance internal and external equilibria.

dovish

forward looking

certain

2,024

417

the sound monetary policy is practiced responding to the requirements of countercyclical adjustment, the rapid growth of macro leverage ratio has been initially curbed, the prevention and control of financial risks is steadily and resolutely carried forward, and continued improvements have been made to the quality and efficiency of the financial sector serving the real economy.

dovish

not forward looking

certain

2,019

730

the structural monetary policy tools will be effectively leveraged for accurate liquidity provision to strengthen “direct reach” of policies.

dovish

forward looking

certain

2,020

791

however, the trend of relatively rapid economic development to aneconomic overheating has yet not been contained, represented by excessivecredit extension and increased inflationary pressure.

hawkish

not forward looking

certain

2,007

881

financial institutions will be encouraged to increase credit support for enterprises providing supplies for epidemic containment, resumption of work and production, poverty alleviation, spring farming and tillage preparation, poultry and livestock breeding and foreign trade.

dovish

forward looking

certain

2,020

752

liquidity in the banking system remains adequate, money and credit supply grows rapidly, and the financial system functions in a stable manner.

hawkish

not forward looking

certain

2,009

667

market supply and demand of foreign exchange should be allowedto play a greater role in the process of increasing rmb exchange rateflexibility, with a view to keeping the rmb exchange rate basically stable atan adaptive and equilibrium level.

dovish

forward looking

certain

2,007

880

in addition, it will focus on expanding domestic demand and boosting confidence so as to promote continuous economic recovery.

dovish

forward looking

certain

2,024

187

at present, the work of pandemic prevention and control in china continues to improve, and the restoration of the order of production and life is picking up pace.

neutral

forward looking

certain

2,020

535

while strengthening the coordination with fiscal, industrial, and regulatory policies, the pbc will coordinate financial support for the real economy and risk prevention, ensure that china’s economy performs within a reasonable range, and contribute to high-quality development of the economy, thereby standing ready for the convening of the 20th cpc national congress.

neutral

forward looking

certain

2,021

195

the role of direct financing will be further tapped to meet the diverse demand for investment and funding to promote the sound development of the financial markets.

dovish

forward looking

certain

2,012

356

the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, noting that while the chinese economy broadly remainedin sound situation, problems of excessive growth of investment, overly largesurpluses recorded in foreign trade and more than desired expansion of creditstill existed.

hawkish

not forward looking

certain

2,007

27

with the sound monetary policy maintaining its continuity, stability and sustainability, we have scientifically managed market expectations, made great efforts to serve the real economy and effectively prevented financial risks.

dovish

not forward looking

certain

2,021

555

we need to implement a sound monetary policy in a targeted and effective manner, make intertemporal adjustments, give better play to the role of monetary policy tools in adjusting both quantity and structure, and make every effort to stabilize growth, employment, and prices.

dovish

forward looking

certain

2,023

995

it will concentrate on running its own affairs well and delivering good cross-cycle policy designs, so as to bolster high-quality economic development.

dovish

forward looking

certain

2,021

99

it was emphasized at the meeting that to implement the decisions of the 18th cpc national congress, the central economic work conference and the executive meetings of the state council, the latest developments in the financial market and real sector at home and abroad and the changes in international capital flow will be closely monitored; in accordance with the general requirements of keeping the continuity and stability of macro-economic policies, the sound monetary policy will be continued, and policy measures will be more targeted and balanced; fine-tuning and preemptive adjustment will be conducted when necessary; efforts will be made to strike a balance among pursuing stable growth, adjusting economic structure, promoting reform and preventing risks; optimize the allocation of financial resources; make good use of the new loans and mobilize the stock of credit assets in order to create a good financial environment and monetary conditions for the adjustment of economic structure, upgrading and transformation of the economy.

neutral

forward looking

certain

2,013

882

it will smooth the transmission mechanism of the monetary policy to improve the efficiency of capital utilization.

dovish

forward looking

certain

2,024

504

domestically, the economy is on a recovery trajectory, but the pressures of shrinking demands, supply shocks and waning expectations still exist.

dovish

not forward looking

certain

2,022

810

the managedfloating exchange rate regime will be further improved in a self-initiated,controllable and gradual manner to give market supply and demand a fundamentalrole in the formation of rmb exchange rate and keep rmb exchange rate broadlystable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,006

452

it was agreed that since the beginning of 2022, china has coordinated covid-19 containment and economic and social development, effectively implemented macroeconomic policies, and stabilized economic and social development to the greatest extent possible.

neutral

not forward looking

certain

2,022

602

it was noted at the meeting that since the beginning of 2024, the pboc has sought progress while giving top priority to the stability of macro policies, pursued a prudent monetary policy that is flexible, moderate, precise, and effective, strengthened the counter-cyclical adjustments, and used a mix of policy tools, such as interest rates, the required reserve ratio (rrr) and central bank lending, thereby providing support for the real economy, effectively forestalling financial risks, and creating a sound monetary and financial environment for economic recovery.

dovish

not forward looking

certain

2,024

631

in addition, the pbc will advance the high-level two-way opening-up of the financial markets, and improve the capacity for economic and financial oversight as well as risk management in an open economy.

dovish

forward looking

certain

2,022

410

it will optimize the regulation of deposit rates, and adjust the method of determining the self-regulatory ceiling of deposit rates.

dovish

forward looking

certain

2,021

321

it was agreed that the chineseeconomy in general was in good shape, and macroeconomic management had achievedsignificant results.

neutral

not forward looking

certain

2,004

28

it will work toward an economy with a higher-level equilibrium in the course of economic recovery, and celebrate the 100th anniversary of the founding of the cpc with outstanding accomplishments.

neutral

forward looking

certain

2,021

951

while the sound monetary policy stance is maintained, a mix of policy instruments should be flexibly used to appropriately adjust money supply on a timely basis.

neutral

forward looking

certain

2,002

630

specifically, it will continue to implement the policy of deferred repayments on loans to micro and small businesses (msbs) and the support scheme for unsecured loans, to reinforce the support extended to inclusive finance through central bank lending and central bank discounts, and to guide financial institutions to step up support for areas such as sci-tech innovation, msbs and green development.

dovish

forward looking

certain

2,021

898

it was pointed out at the meeting that the economic recovery is still uneven despite the growth of driving forces for domestic economic development and the remarkable increase of positive factors.

dovish

not forward looking

certain

2,021

456

the monetary policy committee of the people’s bank of china (pbc) recently held its fourth quarterly meeting of 2017 in beijing.

irrelevant

not forward looking

certain

2,017

447

the pboc will apply the new development philosophy fully, faithfully and comprehensively, speed up building a new development paradigm, effectively upgrade and appropriately expand the economic output, and promote the continuous overall improvement of economic operation.

dovish

forward looking

certain

2,023

499

financial institution will be encouraged to issue loans to manufacturing and other key areas for equipment upgrading.

dovish

forward looking

certain

2,022

436

the rmb exchange rate has moved in both directions with stable expectations and remained basically stable at an adaptive and equilibrium level.

neutral

not forward looking

certain

2,024

772

it was also agreed that the deposit and loan interestrates and the exchange rate of rmb should be kept stable, and market-basedinterest rate reform should be steadily advanced.

neutral

forward looking

certain

2,003

644

in this way, it is expected to enhance the vitality and resilience of the financial market and foster a modern financial system that features strong adaptability, competitiveness and inclusiveness.

dovish

forward looking

certain

2,021

213

the pbc will ensure stability on six fronts, namely, employment, the financial sector, foreign trade, foreign investment, domestic investment and expectations, and maintain security in six areas, namely, employment, the people’s basic livelihood, the operations of market entities, food and energy, stable industrial and supply chains, as well as the normal functioning of primary-level governments, so as to get off to a good start for the 14th five-year plan period with high-quality development.

neutral

forward looking

certain

2,020

220

it will put into effect the financial policies that aim to promote the healthy development of the platform economy.

neutral

forward looking

certain

2,024

11

by promoting the balance between internal and external equilibria, and coordinating financial support for the real economy and risk prevention, the pbc will ensure the national economy performs within a reasonable range, promote high-quality economic development, and thereby stand ready for the convening of the 20th cpc national congress.

dovish

forward looking

certain

2,022

806

the pbc will innovate and improve marco adjustments and use a combination of monetary policy instruments to keep the rmb exchange rate generally stable at an adaptive and equilibrium level, strike a balance among interest rates, exchange rates and the country’s balance of payments, facilitate the stable and sound development of economy, stabilize market expectations, prevent and defuse financial risks, and hold the bottom line of preventing systemic financial risks.

neutral

forward looking

certain

2,018

249

based on the requirements in deepening supply-side structural reform, efforts will be made to improve financing and credit structures, to enable private enterprises to get financial support that matches their contributions to the economic and social development, to enhance the financial sector’s capacity to serve the real economy by comprehensively implementing policies, and to foster a virtuous triangular cycle among keeping monetary policies prudent, enhancing the vitality of micro entities and giving play to the functions of the capital market, so as to nurture the overall virtuous cycle of national economy.

dovish

forward looking

certain

2,018

482

the real economy and financial sector have both made good progress in structural adjustments, yet the downward pressure on china’s economy is mounting.

dovish

not forward looking

certain

2,019

389

the monetary and credit aggregates are basically commensurate with the needs to sustain economic growth.

neutral

not forward looking

certain

2,002

746

the pbc will deepen reforms to make the interest rate and exchange rate more market-based, improve the market-oriented interest rate formation and transmission mechanism, guide enterprises and financial institutions to remain risk neutral, stabilize market expectations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,020

121

the pbc will further bring into play the propelling force of central bank lending, central bank discounts, as well as the monetary policy tools that provide direct support for the real economy, to increase financial support for sci-tech innovation, micro and small businesses (msbs) and green development, and to continue to implement the policy of deferred repayments on msb loans and the support scheme for unsecured loans.

dovish

forward looking

certain

2,020

952

in general, the performance of the financial industry was soundand stable.

neutral

not forward looking

certain

2,005

231

the meeting stressed that under the guidance of xi jinping thought on socialism with chinese characteristics for a new era, the pbc will earnestly implement the guidelines of the 19th national congress of the communist party of china (cpc), all the plenary sessions of the 19th the cpc central committee, the central economic work conference and the report on the work of the government, as well as the decisions and arrangements of the cpc central committee and the state council.

irrelevant

forward looking

certain

2,021

129

senior officials from the pbc’s operation office, tianjin and nanjing branches attended the meeting as observers.

irrelevant

not forward looking

certain

2,013

36

fixed asset investment continued to expandrapidly, consumer demand remained buoyant and cpi maintained its risingmomentum since the second half of 2003.

dovish

not forward looking

certain

2,004

76

moreover, it will deepen the market-oriented reform of exchange rates to enhance the flexibility of the rmb exchange rate, guide enterprises and financial institutions to remain risk neutral, strengthen expectation management, and promote the balance between internal and external equilibria, so as to keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,022

41

it was noted at the meeting that since the beginning of 2024, the pboc has enhanced macro regulation, pursued a sound monetary policy that is flexible, moderate, precise, and effective, steadfastly adhered to an accommodative stance, strengthened counter-cyclical adjustments, and improved monetary policy framework.

neutral

not forward looking

certain

2,024

479

the pbc will build the system and mechanism needed to provide effective financial support for the real economy, improve the system for providing financial support for innovation, and guide financial institutions to issue more medium and long-term (mlt) loans to the manufacturing sector.

dovish

forward looking

certain

2,022

387

reform of the financial system will be deepened to enhance the efficiency of financial sector and its ability to serve the real economy.

neutral

forward looking

certain

2,014

96

meanwhile, it will strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balance internal and external equilibria.

neutral

forward looking

certain

2,023

463

it will work unswervingly to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector, and provide better financial services for the development and growth of the private economy.

dovish

forward looking

certain

2,024

360

specifically, the pboc will integrate implementation of the strategy to expand domestic demand with efforts to deepen the supply-side structural reform, and it will motivate business entities while ensuring policy effects, aiming to strengthen policy coordination across authorities, give full play to the role of monetary and credit policies, and properly balancing internal and external equilibria.

dovish

forward looking

certain

2,023

609

besides, forceful actions should be takento push ahead institution building in the financial market, expand directfinancing, and promote a balanced development of the financial markets.

dovish

forward looking

certain

2,006

618

considering the situation, the pboc will overcome difficulties, and build on this momentum to intensify macro adjustments, and implement a sound monetary policy in a targeted and effective manner.

dovish

forward looking

certain

2,023

871

the sound monetary policy responds to the need for forward-looking and targeted regulation and countercyclical adjustments.

neutral

forward looking

certain

2,020

971

according tothe overall arrangement of the state council, the pbc closely monitoredeconomic and financial performance and employed a combination of monetarypolicy instruments to enhance liquidity management, steadily advance market-basedinterest rate reform, and strengthen rmb exchange rate flexibility.

dovish

forward looking

certain

2,007

82

at present, the pbc should thoroughly, accurately andpositively understand and carry out the central government's decision andarrangement on macro-economic management, stick to market-orientation in policymaking, follow the economic principles, support capital market development, givefull play to the movitation and creativity of economic agents, strengthen thecoordination with industrial policy and fiscal policy, and improve theselection and intensity of proper policy instruments so as to ensure the steadyand relatively fast economic growth.

dovish

forward looking

certain

2,004

3

the performance of the financial sector and the overall price level are both stable.

neutral

not forward looking

certain

2,014

552

the transition of the pricing benchmark of outstanding floating-rate loans has been completed successfully.

dovish

not forward looking

certain

2,020

355

it was noted at the meeting that uncertainties incurred by changes in external environment are on the rise as the momentum for world economic growth is lackluster, and inflation eases somewhat.

dovish

forward looking

uncertain

2,024

19

the pbc will also strive to remove obstacles in monetary policy transmission.

neutral

forward looking

certain

2,020

551

the monetary policy committee of the people's bank of china (pbc) held its 3rd regular quarterly meeting of 2002 in beijing days ago.

irrelevant

not forward looking

uncertain

2,002

557

participants analyzed the economic and financial landscapes at home and abroad and concluded that chinese economy is stable and improving, though complex as usual.

irrelevant

not forward looking

uncertain

2,017

468

the rmb exchange rate has moved in both directions and remained basically stable at an adaptive and equilibrium level, serving as a stabilizer for the macro economy.

neutral

forward looking

certain

2,023

474

moreover, the pboc will deepen the market-oriented reform of exchange rates to guide enterprises and financial institutions to remain risk-neutral, implement a mix of policy measures to stabilize market expectations, and resolutely prevent major exchange rate fluctuations, so as to keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,023

343

the market-oriented reform of exchange rates will be deepened to enhance the flexibility of the rmb exchange rate, guide enterprises and financial institutions to remain risk neutral, strengthen the management of expectations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,021

228

effective measures will be taken to prevent and defuse financial risks, so as to achieve risk prevention while facilitating high-quality development, properly manage the intensity and pace of risk resolution, stabilize market expectations, and hold the bottom line of preventing systemic financial risks.

hawkish

forward looking

certain

2,019

332

following the decisions and arrangements made by the cpc central committee and the state council, we will pursue the general principle of making progress while ensuring stability, firmly grasp the primary task of high-quality development and steadily advance the chinese path to modernization.

neutral

forward looking

certain

2,023

2

moreover, it will deepen the market-oriented reform of exchange rates, guide enterprises and financial institutions to remain risk neutral, and implement a mix of policy measures to rectify deviations and stabilize expectations.

dovish

forward looking

certain

2,024

166

efforts will be made to guide financial institutions to optimize their credit structure, prevent financial risks and improve their financial services to better serve the real economy and ensure a stable and relatively fast economy growth.

dovish

forward looking

certain

2,012

641

it was noted thatthe chinese economy has continued to display a steady and relatively fastgrowth momentum since 2005.

dovish

not forward looking

certain

2,006

484

the monetary policy committee of the people's bank of china (pbc) held its second quarterly meeting of 2009 in beijing days ago.

irrelevant

not forward looking

certain

2,009

651

the pbc will take more proactive measures to boost support for the real economy.

dovish

forward looking

certain

2,021

782

in their view, china's economic and financial sectors performed in a relatively moderating and stable manner.

neutral

not forward looking

certain

2,012

854

it was emphasized at the meeting that following xi jinping’s thought on socialism with chinese characteristics for a new era, pbc will earnestly implement the principles of the 19th national congress of the communist party of china (cpc), the central economic work conference and the report on the work of the government, and adhere to the principle of pursuing progress while ensuring stability in accordance with decisions and arrangements by the cpc central committee and the state council.

neutral

not forward looking

certain

2,019

902

the market-based interest rate reform should be pursued, and theleverage role of interest rate should be played out.

dovish

forward looking

certain

2,008

1

it was concurred that the economic situation continued to be broadly favorable.

neutral

not forward looking

certain

2,006

923

the central bank will deepen the market-oriented reform of exchange rates to enhance the rmb exchange rate flexibility, guide enterprises and financial institutions to remain risk neutral, strengthen expectation management, promote the balance between internal and external equilibrium, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,021

958

a mix of monetary policy tools will be used and macro-prudential policy measures will be employed to make counter-cyclical adjustment, to keep the money and credit aggregates and all system financing aggregates at reasonable volumes.

neutral

forward looking

certain

2,011

809

however, the global pandemic and the world economy remains in a severe and complex situation, and preventing a resurgence of covid-19 at home remains an arduous task, posing risks and challenges to china’s economic development.

hawkish

forward looking

certain

2,020

180

following the guidance ofthe communist party of china’s central committee and the state council, the pbcstrengthened financial macro control to preserve balances at aggregate level.the economic and financial performance has broadly remained in sound situation.

neutral

not forward looking

certain

2,007

874

the monetary policy committee of the people’s bank of china held its 4th quarterly meeting a few days ago in beijing.

irrelevant

not forward looking

certain

2,014

346

it will build the systems and mechanisms for providing effective financial support for the real economy, implement the action plan to increase financial support for technology-based enterprises, and guide financial institutions to issue more medium and long-term loans to the manufacturing sector, thereby expediting the building of a modern industrial system.

dovish

forward looking

certain

2,023

856

the countercyclical adjustments of macro policies should be intensified so as to invigorate micro entities and make all-round progress in stabilizing employment, the financial sector, domestic and foreign investment, foreign trade and expectations.

dovish

forward looking

certain

2,020

765

we will improve consumer financial services with respect to commodities and social services, and proceed with greater financial support for enterprises to stabilize and expand employment, as well as for targeted groups to start businesses and seek employment.

dovish

forward looking

certain

2,023

975

however, some emerging market economies still face challenges, and the international financial market has potential risks.

neutral

not forward looking

uncertain

2,017

643

work will be done to implement financial policy measures to promote healthy development of the platform economy so as to promote standardized, healthy and sustainable development of platform enterprises.

dovish

forward looking

certain

2,023

800

the pbc will build the systems and mechanisms needed to provide effective financial support for the real economy, improve the system for providing financial support for innovation, and develop funding chains for innovation chains and industrial chains, thereby creating a virtuous circle and interaction among the financial sector, the sci-tech sector and industries.

dovish

forward looking

certain

2,021

188

the global economy is gradually recovering, with continued recovery in major developed countries and certain challenges in some emerging economies.

neutral

not forward looking

certain

2,017

671

it was pointed out at the meeting that amid sluggish economic growth, elevated inflation, and persistent geopolitical conflicts worldwide, the tightening effect of central bank policies in developed countries is evident, and the volatility of international financial markets is intensifying.

hawkish

forward looking

certain

2,023

471

the pbc will deepen reforms to strengthen the market’s role in setting interest rates, facilitate the transition of pricing benchmark of outstanding loans with floating rates, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

hawkish

forward looking

certain

2,019

533

it was noted at the meeting that efforts will be made to follow up the world’s economic and financial developments, enhance the research and analysis of international economic situations, strengthen the coordination of international macroeconomic policies, and concentrate on doing our own affairs well.

neutral

forward looking

certain

2,020

113