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
while consistency and continuity ofmacroeconomic policies should be preserved, appropriate measures should betaken in due course to fine-tune the forcefulness and focus of the policy inline with the changing environment.	neutral	forward looking	uncertain	2,004	511
the pbc will build the systems and mechanisms needed to provide effective financial support for the real economy, and improve the system for providing financial support for innovation.	dovish	forward looking	certain	2,021	738
it will smooth the transmission mechanism of the monetary policy, keep the liquidity adequate at a reasonable level, and better stabilize the aggregate credit growth, so as to ensure that the growth of money supply and the aggregate financing to the real economy (afre) are generally in line with nominal gdp growth and the macro leverage ratio remain basically stable.	neutral	forward looking	certain	2,022	307
in particular, rmb loans grew by 462.5 billion yuan, 24.6 billion yuanmore than the growth recorded a year earlier.	neutral	not forward looking	certain	2,004	83
the monetary policy committee of the people’s bank of china (pbc) held the third quarterly meeting in 2020 (its 90th meeting) on september 25, 2020 in beijing.	irrelevant	not forward looking	certain	2,020	488
in addition, the pboc will ensure the implementation of the city-specific housing credit policy to meet the rigid demand for housing and the needs to improve living conditions, and to meet the reasonable financing needs of real estate companies regardless of their ownership types, thus promoting the stable and healthy development of the real estate market.	dovish	forward looking	certain	2,024	566
forcefulactions should be taken to push ahead financial reform and innovation toimprove competitiveness of financial institutions and efficiency of thefinancial market in resource allocation.	dovish	forward looking	certain	2,007	317
the pbc will coordinate financial support for the real economy and risk prevention, ensure that china’s economy performs within a reasonable range, and promote the high-quality development of the economy.	dovish	forward looking	certain	2,021	244
effective performance assessment system and risk management system should be in place so that commercial banks would attend to both near-term and long-term development goals, manage balanced credit extension throughout the year.	neutral	forward looking	certain	2,010	713
efforts would be made to tighten up lending extended to the enterprises in highly energy-consuming, heavily polluting and overcapacity industries.	hawkish	forward looking	certain	2,009	403
while the loan prime rate (lpr) reform continued to deliver its benefits, the monetary policy transmission has become more efficient, and lending rates have remained stable with a slight decline.	dovish	forward looking	certain	2,022	357
the international economic and financial situation is complicated, and it has been more apparent that global uncertainty is evolving at a faster speed.	neutral	not forward looking	uncertain	2,019	674
great support has been provided for pandemic containment, work and production resumption and the development of the real economy.	dovish	not forward looking	certain	2,020	119
it was emphasized that more efforts should be made to improve financial services, strengthen credit control and enhance credit structure with a view to preventing duplicated construction.	dovish	forward looking	certain	2,002	72
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.	neutral	not forward looking	certain	2,024	264
the pbc shall closely monitor the latest development of the economy and financial sector both home and abroad as well as the changes in international capital flows, remain committed to the underlying principle of making progress while ensuring stability and adjust to the new normal of economic development.	neutral	forward looking	certain	2,017	914
upholding the general principle of pursuing progress while ensuring stability, promoting stability based on progress, and establishing the new before abolishing the old, the pboc will maintain a good momentum of stable and sound economic growth.	dovish	forward looking	certain	2,024	359
china’s economy has witnessed an on-going recovery and improvement with enhanced driving force, while it still faces challenges such as insufficient demand.	neutral	not forward looking	uncertain	2,023	169
the domestic economy and financial sectors both have realized positive development in structural adjustments, yet deep-seated problems and critical contradictions still persist and the international economic and financial environments have become more complex.	neutral	not forward looking	certain	2,019	560
the pbc will implement the prudent and neutral monetary policy, control total money supply, and use multiple monetary policy instruments to maintain reasonable growth of money, lending and social financing to keep adequate and stable liquidity, improve the efficiency of financial operations and its capacity to serve the real economy, and constrain the overall leverage ratio at an acceptable level.	hawkish	forward looking	certain	2,017	531
the pbc will continue to give even greater priority to serving the real economy to keep the economy generally stable and to strengthen the resilience of economic development.	neutral	forward looking	certain	2,021	174
by coordinating both 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	225
the pandemic continues to evolve, the external environment is becoming more severe and complex, and the domestic economic recovery remains unstable and imbalanced, said the meeting.	dovish	not forward looking	uncertain	2,021	575
it was also agreed that, according to thecurrent economic development both at home and abroad, basic stability of thermb deposit and loan interest rates should be maintained, and market-basedinterest rate reform should be steadily advanced.	neutral	forward looking	certain	2,003	243
in this connection, the pbc would further streamline the transmission mechanism of monetary policy, maintain adequate liquidity of the banking system and ensure that the aggregate money supply be sufficient to support economic development.	dovish	forward looking	certain	2,009	589
broad money (m2) reachedrmb22.7 trillion yuan at the end of february, a year-on-year increase of 19.4%.outstanding balance of loans extended by all financial institutions increasedby rmb509.2 billion yuan, accelerating by 55.3 billion yuan from a yearearlier.	hawkish	not forward looking	certain	2,004	556
after analyzing domestic and global economic and financial developments, the committee held that policy measures adopted to address the international financial crisis have produced remarkable results, with investment growth accelerating, consumption expanding rapidly, and domestic demand playing a greater role in driving economic growth.	hawkish	not forward looking	certain	2,009	677
considering the situation, the pbc will follow the requirements of “containing the pandemic, stabilizing the economy, and maintaining sound development,” coordinated the efforts to stabilize employment and prices, place the utmost priority on stability and pursue progress while ensuring stability.	dovish	forward looking	certain	2,022	416
weighing themonetary policy stance and measures for the coming periods, the committee heldthe view that a tight monetary policy should be implemented by taking variousmeasures in line with the guidance of the central economic work conference.efforts should be made to strengthen liquidity management by taking effectivemeasures, improve guidance on financial institutions, restrain the excessivegrowth of money and credit and further improve credit structure to ensurecredit support to agricultural economy, job creation, students, small&medium-sized enterprises and other vulnerable groups.	hawkish	forward looking	certain	2,007	893
in discussing monetary policy stance and policy measures to be adopted in the coming period, the committee consented that the sound monetary policy should be continued, andsteps should be taken to promote coordination between domestic and foreign currency policies and strengthen the liquidity management of banking system.	neutral	forward looking	certain	2,006	872
financial reform and innovation should be pressed ahead to improve the competitiveness of financial institutions and the efficiency of the financial markets in resources allocation, and to streamline the transmission mechanism for the conduct of moderately loose monetary policy.	dovish	forward looking	certain	2,008	883
considering the situation, the pbc will place the utmost priority on stability and pursue progress while ensuring stability.	neutral	forward looking	certain	2,022	173
the committee deliberated on the stance and measures of monetary policy in the next stage.	irrelevant	forward looking	certain	2,009	120
it was emphasized at the meeting that efforts should be made to implement the decisions adopted at the 18th national congress of the communist party of china and the overall arrangements of the central economic work conference, closely monitor the domestic and global economic and financial developments and changes in cross-border capital flow, continue to implement a sound monetary policy, and strike a balance among maintaining stable growth, adjusting economic structure, containing inflation and preventing risks.	neutral	forward looking	certain	2,012	261
with regard to properly controlling the money and credit growth, commercial banks will be guided to expand the fee-based business and improve profit structure.meanwhile, efforts should be made to quicken the steps in the development of direct financing and promote a coordinated development of financial market.	dovish	forward looking	certain	2,006	304
the pbc will keep the real estate market stable and protect the legitimate rights and interests of housing consumers.	dovish	forward looking	certain	2,021	913
in the meantime, the two-way opening-up at a high level in the financial sector will be further expanded to enhance the capacity for economic and financial management, risk prevention and control in an open economy, and participation in the international financial governance.	irrelevant	forward looking	certain	2,019	512
financial institutions will be guided to step up support for msbs, sci-tech innovation, and green development.	dovish	forward looking	certain	2,021	973
appropriate measures should be taken to improve coordination of the monetarypolicy with fiscal policy, industrial policy, trade policy and financialregulatory policy, accelerate economic restructuring as well as thetransformation of economic growth pattern, improve growth quality andefficiency and promote a basic equilibrium of the balance of payments.	dovish	forward looking	certain	2,007	127
at the same time, lessons should be drawn from the currentfinancial crisis to improve china’s banking system and the regulatory regime soas to maintain the stability of the country’s financial system and financialmarket.	dovish	forward looking	certain	2,008	313
it will take solid steps to ensure the delivery of presold housing projects, people’s livelihood and stability, and adopt city-specific measures to meet residents’ rigid demand for housing and the needs to improve living conditions.	neutral	forward looking	certain	2,023	841
comprehensive measures should be taken to accelerate economic restructuring and transformation of growth pattern, intensify the system reform and promote equilibrium of international payments so as to achieve a balanced and sustainable development of the national economy.	dovish	forward looking	certain	2,006	901
besides, attentionshould be given to guide public expectation through the leverage role ofinterest rate.	neutral	forward looking	certain	2,007	349
adhering to the general principle of seeking progress while ensuring stability, and placing a top priority on stability, the pbc will apply the new development philosophy fully, faithfully and comprehensively.	neutral	forward looking	certain	2,021	830
a combination of monetary policy instruments will be used to keep liquidity at reasonably adequate level.	neutral	forward looking	certain	2,019	156
the performance of the world economy diverged, with increasing signs of growth momentum in the u.s. and the euro zone, and further moderation of growth in some emerging economies.	neutral	not forward looking	certain	2,014	723
it will remain focused on the main task of deepening the supply-side structural reform and implement the strategy of expanding domestic demand.	dovish	forward looking	certain	2,022	322
the pbc will continue to deepen the financial system reform and improve the regulatory framework underpinned by the two pillars of monetary policy and macro prudential policy.	dovish	forward looking	certain	2,019	687
the pboc has adopted a mix of policies to support coordinated regional development.	neutral	not forward looking	certain	2,024	376
the meeting emphasized the needs to further improve monetary policy transmission and promote the state-owned commercial banks to enhance both the incentives and restraints on loan marketing to actively meet the rational liquidity demands from those profitable and creditworthy enterprises with marketable products.	dovish	forward looking	certain	2,002	573
meanwhile, the pbc will also work vigorously to smooth monetary policy transmission, continue unleashing the potential of reforms in bringing down real lending rates, and guide financial institutions to increase support for the real economy, especially for micro and small enterprises (mses) and private enterprises.	dovish	forward looking	certain	2,020	385
the pboc will guide large-sized banks to play their leading role in providing financial services for the real economy, encourage small and medium-sized banks to focus on their main duties and major businesses, and support banks in capital replenishment.	dovish	forward looking	certain	2,024	827
in accordance with the principle of keeping a prudent stance, making proper adjustment and optimizing structure, a mix of monetary tools will be adopted to control liquidity and bring the monetary and credit conditions back to a normal state.	hawkish	forward looking	certain	2,010	755
the meeting stressed the necessity to conscientiously implement the decisions of the eighteenth national congress of the cpc and the third, fourth, fifth and sixth plenary sessions of the eighteenth cpc central committee, the central economic work conference, the national financial work conference, and government work report.	irrelevant	not forward looking	certain	2,017	721
mr. wu dingfu and mr. guo shuqing submittedtheir written opinions and mr. zhu zhixin was absent due to another officialarrangement.	irrelevant	not forward looking	certain	2,006	370
it will resolutely enhance economic vigor, forestall and defuse risks, and improve social expectations, thus reinforcing the momentum of economic recovery and effectively upgrading and appropriately expanding the economic output.	dovish	forward looking	certain	2,023	600
it was noted at the meeting that efforts should be made to thoroughly implement the scientific outlook on development, to continue to promote sound and rapid economic growth as the priority of economic work, to implement and improve the policy package and relevant policy measures, and to further enhance the momentum of economic stabilization and recovery.	dovish	forward looking	certain	2,009	255
it was pointed out at the meeting that the external environment is becoming increasingly complex and severe as the world economic growth is sluggish, inflation is expected to fall from a high level but is still sticky, and the economic growth and monetary policies of major economies are diverging.	hawkish	forward looking	certain	2,024	230
the meeting analyzed the economic and financial developments both at home and abroad.	neutral	not forward looking	certain	2,022	711
it was emphasized at the meeting that efforts should be made to monitor the latest domestic and international economic and financial developments and their impacts, continue the implementation of a prudent monetary policy, make macro-management policies better-targeted, more flexible and forward-looking, conduct timely and well-designed fine-tunings according to the situations, and strike a balance among maintaining stable and relatively fast growth, economic restructuring and managing the inflationary expectation.	neutral	forward looking	certain	2,012	877
the pbc will adopt a mix of policies to support coordinated regional development and guide financial institutions to step up support for msbs, sci-tech innovation, and green development.	dovish	forward looking	certain	2,022	964
we 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	2,020	771
the monetary policy committee of the people’s bank of china (pbc) held the fourth quarterly meeting in 2020 (its 91st meeting) on december 25 in beijing.	irrelevant	not forward looking	certain	2,020	460
renminbiexchange rate formation system should be further improved, and the exchangerate be maintained basically stable at an adaptive and equilibrium level topromote the balance of international payments.	neutral	forward looking	certain	2,004	111
it was noted that adverse factors in the global economy and severenatural disasters in china added new uncertainties to china’s economic performance, but thefundamentals remained unchanged.	neutral	not forward looking	certain	2,008	122
under the guidance of the cpc central committee and the state council, the pbc continued to pursue sound monetary policy and adopted various monetary policy instruments to appropriately adjust money and credit growth.	neutral	forward looking	certain	2,005	345
the sound monetary policy has been continuous, stable and sustainable, and the management of expectations has been scientific and effective.	neutral	not forward looking	certain	2,021	634
the international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the developed economies and growth in some emerging economies has continued to moderate.	neutral	not forward looking	certain	2,014	692
the pbc will also adopt a mix of policies to support coordinated regional development and guide financial institutions to step up support for msbs, sci-tech innovation, and green development.	dovish	forward looking	certain	2,022	22
it will continue to make good use of the funds already injected under the policy-backed and development-oriented financial instruments, and enhance the guiding role of government investment and policy incentives, thereby effectively stimulating the private investment.	dovish	forward looking	certain	2,023	780
it will remain committed to the main task of deepening the supply-side structural reform and implement the strategy of expanding domestic demand.	dovish	forward looking	certain	2,021	668
it was agreed in the meeting that the chinese economyhad maintained rapid growth momentum, and macro-economic management measureshad further produced results since the beginning of this year.	neutral	not forward looking	certain	2,004	994
potential risks remain in the international financial market.	dovish	forward looking	certain	2,017	443
the sound monetary policy will be kept appropriate in intensity, money supply properly managed, and massive liquidity injection avoided, so as to ensure that the growth of broad money supply (m2) and aggregate financing to the real economy (afre) are in line with the nominal gdp growth and prices are generally stable.	hawkish	forward looking	certain	2,019	267
the rmb exchange rate has remained stable overall and become more flexible in two-way fluctuations and more resilient against external shocks.	neutral	not forward looking	certain	2,020	701
the pboc will build the systems and mechanisms needed to provide effective financial support for the real economy, put efforts into implementing the action plan for stepping up support for the financing of sci-tech enterprises, and guide financial institutions to issue more medium and long-term (mlt) loans to the manufacturing sector, so as to expedite the building of a modern industrial system.	dovish	forward looking	certain	2,023	926
with these efforts, the financial market will become more vigorous and resilient, and a modern financial system that is highly adaptable, competitive, and inclusive will be developed.	neutral	forward looking	certain	2,021	170
by pursuing a sound monetary policy that is flexible and appropriate and maintaining its continuity, stability and sustainability, the pbc has scientifically managed market expectations, made practical efforts to serve the real economy, and effectively prevented financial risks.	dovish	not forward looking	certain	2,022	272
the overallperformance of the financial sector remained sound.	neutral	not forward looking	certain	2,005	65
it is agreed at the meeting that currently china’s major macroeconomic indicators are within a reasonable range, the economy has maintained a growth momentum with strong resilience, and new growth drivers are replacing old ones.	neutral	not forward looking	certain	2,019	151
the pboc will smooth the transmission mechanism of the monetary policy, keep liquidity adequate at a reasonable level, and maintain a reasonable growth and a stable pace of credit supply, so as to ensure that the growth of money supply and the aggregate financing to the real economy (afre) are generally in line with the nominal gdp growth.	dovish	forward looking	certain	2,023	756
it will contribute to a good start for the 14th five-year plan period with high-quality development, and celebrate with outstanding accomplishments the 100th anniversary of the founding of the cpc.	dovish	forward looking	certain	2,021	939
it will further encourage the use of central bank lending for sci-tech innovation and technological transformation, and step up financial support for large-scale equipment renovation and trade-in of consumer goods.	dovish	forward looking	certain	2,024	922
with the help of the policy measure package to stimulate domestic demand and promote economic growth, china´s economy saw positive changes.	dovish	not forward looking	certain	2,009	451
upholding the general principle of pursuing progress while ensuring stability, the pboc will firmly pursue high-quality development as a top priority, solidly promote chinese modernization, apply the new development philosophy fully, faithfully and comprehensively, speed up building a new development paradigm, and effectively upgrade and appropriately expand the economic output.	dovish	forward looking	certain	2,023	391
the market-based reform of interest rates will be deepened, the transition of the pricing benchmark of outstanding floating-rate loans will be promoted in an orderly manner, and the rmb exchange rate will be kept basically stable at an adaptive and equilibrium level.	hawkish	forward looking	certain	2,020	204
moneyand credit growth should be properly controlled, with credit structure to befurther improved and direct financing steadily advanced.	dovish	forward looking	certain	2,004	229
in theinternational market, the us sub-prime mortgage crisis worsened, anduncertainties and risks increased.	hawkish	not forward looking	certain	2,008	299
prices will see a moderate recovery and remain at a reasonable level.	hawkish	forward looking	certain	2,024	276
on june 28, the monetary policy committee of the people’s bank of china (pboc) held the second quarterly meeting of 2023 (its 101st meeting) in beijing.	irrelevant	not forward looking	certain	2,023	486
after analyzing the economic and financial situation, the committee held that the international financial crisis further spread and deepened, and the international financial market was still in turbulence.	dovish	not forward looking	certain	2,009	534
vigorous support has been rendered to pandemic containment, the resumption of work and production, and the development of the real economy.	dovish	not forward looking	certain	2,020	978
the pboc will effectively advance the high-level two-way opening-up of the financial markets, and enhance the capacity for economic and financial oversight as well as risk management in an open economy.	dovish	forward looking	certain	2,023	884
the world economy is still in a period of profound readjustment after the global financial crisis.	neutral	not forward looking	certain	2,014	541
a mix of policies will be adopted to support coordinated regional development.	neutral	forward looking	certain	2,023	983
the pbc will innovate and improve macro regulation, practice the sound monetary policy that is more flexible and appropriate, and put more emphasis on supporting the recovery and sustainable development of the real economy.	dovish	forward looking	certain	2,020	969
the monetarypolicy committee of the people’s bank of china (pbc) held its fourth quarterlymeeting of 2007 in beijing days ago.	irrelevant	not forward looking	certain	2,007	972
recently, the monetary policy committee of pbc held its first quarterly meeting in 2013 in beijing.	irrelevant	not forward looking	certain	2,013	980
under favorable conditions of stable and rising food production and smooth functioning of the energy market, prices will remain basically stable.	neutral	forward looking	certain	2,022	305
it was agreed at the meeting that the economy maintained a steady and relatively fast growth with generally good performance, indicating that macroeconomic management achieved initial effects.	dovish	not forward looking	certain	2,006	348

while consistency and continuity ofmacroeconomic policies should be preserved, appropriate measures should betaken in due course to fine-tune the forcefulness and focus of the policy inline with the changing environment.

neutral

forward looking

uncertain

2,004

511

the pbc will build the systems and mechanisms needed to provide effective financial support for the real economy, and improve the system for providing financial support for innovation.

dovish

forward looking

certain

2,021

738

it will smooth the transmission mechanism of the monetary policy, keep the liquidity adequate at a reasonable level, and better stabilize the aggregate credit growth, so as to ensure that the growth of money supply and the aggregate financing to the real economy (afre) are generally in line with nominal gdp growth and the macro leverage ratio remain basically stable.

neutral

forward looking

certain

2,022

307

in particular, rmb loans grew by 462.5 billion yuan, 24.6 billion yuanmore than the growth recorded a year earlier.

neutral

not forward looking

certain

2,004

83

the monetary policy committee of the people’s bank of china (pbc) held the third quarterly meeting in 2020 (its 90th meeting) on september 25, 2020 in beijing.

irrelevant

not forward looking

certain

2,020

488

in addition, the pboc will ensure the implementation of the city-specific housing credit policy to meet the rigid demand for housing and the needs to improve living conditions, and to meet the reasonable financing needs of real estate companies regardless of their ownership types, thus promoting the stable and healthy development of the real estate market.

dovish

forward looking

certain

2,024

566

forcefulactions should be taken to push ahead financial reform and innovation toimprove competitiveness of financial institutions and efficiency of thefinancial market in resource allocation.

dovish

forward looking

certain

2,007

317

the pbc will coordinate financial support for the real economy and risk prevention, ensure that china’s economy performs within a reasonable range, and promote the high-quality development of the economy.

dovish

forward looking

certain

2,021

244

effective performance assessment system and risk management system should be in place so that commercial banks would attend to both near-term and long-term development goals, manage balanced credit extension throughout the year.

neutral

forward looking

certain

2,010

713

efforts would be made to tighten up lending extended to the enterprises in highly energy-consuming, heavily polluting and overcapacity industries.

hawkish

forward looking

certain

2,009

403

while the loan prime rate (lpr) reform continued to deliver its benefits, the monetary policy transmission has become more efficient, and lending rates have remained stable with a slight decline.

dovish

forward looking

certain

2,022

357

the international economic and financial situation is complicated, and it has been more apparent that global uncertainty is evolving at a faster speed.

neutral

not forward looking

uncertain

2,019

674

great support has been provided for pandemic containment, work and production resumption and the development of the real economy.

dovish

not forward looking

certain

2,020

119

it was emphasized that more efforts should be made to improve financial services, strengthen credit control and enhance credit structure with a view to preventing duplicated construction.

dovish

forward looking

certain

2,002

72

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.

neutral

not forward looking

certain

2,024

264

the pbc shall closely monitor the latest development of the economy and financial sector both home and abroad as well as the changes in international capital flows, remain committed to the underlying principle of making progress while ensuring stability and adjust to the new normal of economic development.

neutral

forward looking

certain

2,017

914

upholding the general principle of pursuing progress while ensuring stability, promoting stability based on progress, and establishing the new before abolishing the old, the pboc will maintain a good momentum of stable and sound economic growth.

dovish

forward looking

certain

2,024

359

china’s economy has witnessed an on-going recovery and improvement with enhanced driving force, while it still faces challenges such as insufficient demand.

neutral

not forward looking

uncertain

2,023

169

the domestic economy and financial sectors both have realized positive development in structural adjustments, yet deep-seated problems and critical contradictions still persist and the international economic and financial environments have become more complex.

neutral

not forward looking

certain

2,019

560

the pbc will implement the prudent and neutral monetary policy, control total money supply, and use multiple monetary policy instruments to maintain reasonable growth of money, lending and social financing to keep adequate and stable liquidity, improve the efficiency of financial operations and its capacity to serve the real economy, and constrain the overall leverage ratio at an acceptable level.

hawkish

forward looking

certain

2,017

531

the pbc will continue to give even greater priority to serving the real economy to keep the economy generally stable and to strengthen the resilience of economic development.

neutral

forward looking

certain

2,021

174

by coordinating both 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

225

the pandemic continues to evolve, the external environment is becoming more severe and complex, and the domestic economic recovery remains unstable and imbalanced, said the meeting.

dovish

not forward looking

uncertain

2,021

575

it was also agreed that, according to thecurrent economic development both at home and abroad, basic stability of thermb deposit and loan interest rates should be maintained, and market-basedinterest rate reform should be steadily advanced.

neutral

forward looking

certain

2,003

243

in this connection, the pbc would further streamline the transmission mechanism of monetary policy, maintain adequate liquidity of the banking system and ensure that the aggregate money supply be sufficient to support economic development.

dovish

forward looking

certain

2,009

589

broad money (m2) reachedrmb22.7 trillion yuan at the end of february, a year-on-year increase of 19.4%.outstanding balance of loans extended by all financial institutions increasedby rmb509.2 billion yuan, accelerating by 55.3 billion yuan from a yearearlier.

hawkish

not forward looking

certain

2,004

556

after analyzing domestic and global economic and financial developments, the committee held that policy measures adopted to address the international financial crisis have produced remarkable results, with investment growth accelerating, consumption expanding rapidly, and domestic demand playing a greater role in driving economic growth.

hawkish

not forward looking

certain

2,009

677

considering the situation, the pbc will follow the requirements of “containing the pandemic, stabilizing the economy, and maintaining sound development,” coordinated the efforts to stabilize employment and prices, place the utmost priority on stability and pursue progress while ensuring stability.

dovish

forward looking

certain

2,022

416

weighing themonetary policy stance and measures for the coming periods, the committee heldthe view that a tight monetary policy should be implemented by taking variousmeasures in line with the guidance of the central economic work conference.efforts should be made to strengthen liquidity management by taking effectivemeasures, improve guidance on financial institutions, restrain the excessivegrowth of money and credit and further improve credit structure to ensurecredit support to agricultural economy, job creation, students, small&medium-sized enterprises and other vulnerable groups.

hawkish

forward looking

certain

2,007

893

in discussing monetary policy stance and policy measures to be adopted in the coming period, the committee consented that the sound monetary policy should be continued, andsteps should be taken to promote coordination between domestic and foreign currency policies and strengthen the liquidity management of banking system.

neutral

forward looking

certain

2,006

872

financial reform and innovation should be pressed ahead to improve the competitiveness of financial institutions and the efficiency of the financial markets in resources allocation, and to streamline the transmission mechanism for the conduct of moderately loose monetary policy.

dovish

forward looking

certain

2,008

883

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

neutral

forward looking

certain

2,022

173

the committee deliberated on the stance and measures of monetary policy in the next stage.

irrelevant

forward looking

certain

2,009

120

it was emphasized at the meeting that efforts should be made to implement the decisions adopted at the 18th national congress of the communist party of china and the overall arrangements of the central economic work conference, closely monitor the domestic and global economic and financial developments and changes in cross-border capital flow, continue to implement a sound monetary policy, and strike a balance among maintaining stable growth, adjusting economic structure, containing inflation and preventing risks.

neutral

forward looking

certain

2,012

261

with regard to properly controlling the money and credit growth, commercial banks will be guided to expand the fee-based business and improve profit structure.meanwhile, efforts should be made to quicken the steps in the development of direct financing and promote a coordinated development of financial market.

dovish

forward looking

certain

2,006

304

the pbc will keep the real estate market stable and protect the legitimate rights and interests of housing consumers.

dovish

forward looking

certain

2,021

913

in the meantime, the two-way opening-up at a high level in the financial sector will be further expanded to enhance the capacity for economic and financial management, risk prevention and control in an open economy, and participation in the international financial governance.

irrelevant

forward looking

certain

2,019

512

financial institutions will be guided to step up support for msbs, sci-tech innovation, and green development.

dovish

forward looking

certain

2,021

973

appropriate measures should be taken to improve coordination of the monetarypolicy with fiscal policy, industrial policy, trade policy and financialregulatory policy, accelerate economic restructuring as well as thetransformation of economic growth pattern, improve growth quality andefficiency and promote a basic equilibrium of the balance of payments.

dovish

forward looking

certain

2,007

127

at the same time, lessons should be drawn from the currentfinancial crisis to improve china’s banking system and the regulatory regime soas to maintain the stability of the country’s financial system and financialmarket.

dovish

forward looking

certain

2,008

313

it will take solid steps to ensure the delivery of presold housing projects, people’s livelihood and stability, and adopt city-specific measures to meet residents’ rigid demand for housing and the needs to improve living conditions.

neutral

forward looking

certain

2,023

841

comprehensive measures should be taken to accelerate economic restructuring and transformation of growth pattern, intensify the system reform and promote equilibrium of international payments so as to achieve a balanced and sustainable development of the national economy.

dovish

forward looking

certain

2,006

901

besides, attentionshould be given to guide public expectation through the leverage role ofinterest rate.

neutral

forward looking

certain

2,007

349

adhering to the general principle of seeking progress while ensuring stability, and placing a top priority on stability, the pbc will apply the new development philosophy fully, faithfully and comprehensively.

neutral

forward looking

certain

2,021

830

a combination of monetary policy instruments will be used to keep liquidity at reasonably adequate level.

neutral

forward looking

certain

2,019

156

the performance of the world economy diverged, with increasing signs of growth momentum in the u.s. and the euro zone, and further moderation of growth in some emerging economies.

neutral

not forward looking

certain

2,014

723

it will remain focused on the main task of deepening the supply-side structural reform and implement the strategy of expanding domestic demand.

dovish

forward looking

certain

2,022

322

the pbc will continue to deepen the financial system reform and improve the regulatory framework underpinned by the two pillars of monetary policy and macro prudential policy.

dovish

forward looking

certain

2,019

687

the pboc has adopted a mix of policies to support coordinated regional development.

neutral

not forward looking

certain

2,024

376

the meeting emphasized the needs to further improve monetary policy transmission and promote the state-owned commercial banks to enhance both the incentives and restraints on loan marketing to actively meet the rational liquidity demands from those profitable and creditworthy enterprises with marketable products.

dovish

forward looking

certain

2,002

573

meanwhile, the pbc will also work vigorously to smooth monetary policy transmission, continue unleashing the potential of reforms in bringing down real lending rates, and guide financial institutions to increase support for the real economy, especially for micro and small enterprises (mses) and private enterprises.

dovish

forward looking

certain

2,020

385

the pboc will guide large-sized banks to play their leading role in providing financial services for the real economy, encourage small and medium-sized banks to focus on their main duties and major businesses, and support banks in capital replenishment.

dovish

forward looking

certain

2,024

827

in accordance with the principle of keeping a prudent stance, making proper adjustment and optimizing structure, a mix of monetary tools will be adopted to control liquidity and bring the monetary and credit conditions back to a normal state.

hawkish

forward looking

certain

2,010

755

the meeting stressed the necessity to conscientiously implement the decisions of the eighteenth national congress of the cpc and the third, fourth, fifth and sixth plenary sessions of the eighteenth cpc central committee, the central economic work conference, the national financial work conference, and government work report.

irrelevant

not forward looking

certain

2,017

721

mr. wu dingfu and mr. guo shuqing submittedtheir written opinions and mr. zhu zhixin was absent due to another officialarrangement.

irrelevant

not forward looking

certain

2,006

370

it will resolutely enhance economic vigor, forestall and defuse risks, and improve social expectations, thus reinforcing the momentum of economic recovery and effectively upgrading and appropriately expanding the economic output.

dovish

forward looking

certain

2,023

600

it was noted at the meeting that efforts should be made to thoroughly implement the scientific outlook on development, to continue to promote sound and rapid economic growth as the priority of economic work, to implement and improve the policy package and relevant policy measures, and to further enhance the momentum of economic stabilization and recovery.

dovish

forward looking

certain

2,009

255

it was pointed out at the meeting that the external environment is becoming increasingly complex and severe as the world economic growth is sluggish, inflation is expected to fall from a high level but is still sticky, and the economic growth and monetary policies of major economies are diverging.

hawkish

forward looking

certain

2,024

230

the meeting analyzed the economic and financial developments both at home and abroad.

neutral

not forward looking

certain

2,022

711

it was emphasized at the meeting that efforts should be made to monitor the latest domestic and international economic and financial developments and their impacts, continue the implementation of a prudent monetary policy, make macro-management policies better-targeted, more flexible and forward-looking, conduct timely and well-designed fine-tunings according to the situations, and strike a balance among maintaining stable and relatively fast growth, economic restructuring and managing the inflationary expectation.

neutral

forward looking

certain

2,012

877

the pbc will adopt a mix of policies to support coordinated regional development and guide financial institutions to step up support for msbs, sci-tech innovation, and green development.

dovish

forward looking

certain

2,022

964

we 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

2,020

771

the monetary policy committee of the people’s bank of china (pbc) held the fourth quarterly meeting in 2020 (its 91st meeting) on december 25 in beijing.

irrelevant

not forward looking

certain

2,020

460

renminbiexchange rate formation system should be further improved, and the exchangerate be maintained basically stable at an adaptive and equilibrium level topromote the balance of international payments.

neutral

forward looking

certain

2,004

111

it was noted that adverse factors in the global economy and severenatural disasters in china added new uncertainties to china’s economic performance, but thefundamentals remained unchanged.

neutral

not forward looking

certain

2,008

122

under the guidance of the cpc central committee and the state council, the pbc continued to pursue sound monetary policy and adopted various monetary policy instruments to appropriately adjust money and credit growth.

neutral

forward looking

certain

2,005

345

the sound monetary policy has been continuous, stable and sustainable, and the management of expectations has been scientific and effective.

neutral

not forward looking

certain

2,021

634

the international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the developed economies and growth in some emerging economies has continued to moderate.

neutral

not forward looking

certain

2,014

692

the pbc will also adopt a mix of policies to support coordinated regional development and guide financial institutions to step up support for msbs, sci-tech innovation, and green development.

dovish

forward looking

certain

2,022

22

it will continue to make good use of the funds already injected under the policy-backed and development-oriented financial instruments, and enhance the guiding role of government investment and policy incentives, thereby effectively stimulating the private investment.

dovish

forward looking

certain

2,023

780

it will remain committed to the main task of deepening the supply-side structural reform and implement the strategy of expanding domestic demand.

dovish

forward looking

certain

2,021

668

it was agreed in the meeting that the chinese economyhad maintained rapid growth momentum, and macro-economic management measureshad further produced results since the beginning of this year.

neutral

not forward looking

certain

2,004

994

potential risks remain in the international financial market.

dovish

forward looking

certain

2,017

443

the sound monetary policy will be kept appropriate in intensity, money supply properly managed, and massive liquidity injection avoided, so as to ensure that the growth of broad money supply (m2) and aggregate financing to the real economy (afre) are in line with the nominal gdp growth and prices are generally stable.

hawkish

forward looking

certain

2,019

267

the rmb exchange rate has remained stable overall and become more flexible in two-way fluctuations and more resilient against external shocks.

neutral

not forward looking

certain

2,020

701

the pboc will build the systems and mechanisms needed to provide effective financial support for the real economy, put efforts into implementing the action plan for stepping up support for the financing of sci-tech enterprises, and guide financial institutions to issue more medium and long-term (mlt) loans to the manufacturing sector, so as to expedite the building of a modern industrial system.

dovish

forward looking

certain

2,023

926

with these efforts, the financial market will become more vigorous and resilient, and a modern financial system that is highly adaptable, competitive, and inclusive will be developed.

neutral

forward looking

certain

2,021

170

by pursuing a sound monetary policy that is flexible and appropriate and maintaining its continuity, stability and sustainability, the pbc has scientifically managed market expectations, made practical efforts to serve the real economy, and effectively prevented financial risks.

dovish

not forward looking

certain

2,022

272

the overallperformance of the financial sector remained sound.

neutral

not forward looking

certain

2,005

65

it is agreed at the meeting that currently china’s major macroeconomic indicators are within a reasonable range, the economy has maintained a growth momentum with strong resilience, and new growth drivers are replacing old ones.

neutral

not forward looking

certain

2,019

151

the pboc will smooth the transmission mechanism of the monetary policy, keep liquidity adequate at a reasonable level, and maintain a reasonable growth and a stable pace of credit supply, so as to ensure that the growth of money supply and the aggregate financing to the real economy (afre) are generally in line with the nominal gdp growth.

dovish

forward looking

certain

2,023

756

it will contribute to a good start for the 14th five-year plan period with high-quality development, and celebrate with outstanding accomplishments the 100th anniversary of the founding of the cpc.

dovish

forward looking

certain

2,021

939

it will further encourage the use of central bank lending for sci-tech innovation and technological transformation, and step up financial support for large-scale equipment renovation and trade-in of consumer goods.

dovish

forward looking

certain

2,024

922

with the help of the policy measure package to stimulate domestic demand and promote economic growth, china´s economy saw positive changes.

dovish

not forward looking

certain

2,009

451

upholding the general principle of pursuing progress while ensuring stability, the pboc will firmly pursue high-quality development as a top priority, solidly promote chinese modernization, apply the new development philosophy fully, faithfully and comprehensively, speed up building a new development paradigm, and effectively upgrade and appropriately expand the economic output.

dovish

forward looking

certain

2,023

391

the market-based reform of interest rates will be deepened, the transition of the pricing benchmark of outstanding floating-rate loans will be promoted in an orderly manner, and the rmb exchange rate will be kept basically stable at an adaptive and equilibrium level.

hawkish

forward looking

certain

2,020

204

moneyand credit growth should be properly controlled, with credit structure to befurther improved and direct financing steadily advanced.

dovish

forward looking

certain

2,004

229

in theinternational market, the us sub-prime mortgage crisis worsened, anduncertainties and risks increased.

hawkish

not forward looking

certain

2,008

299

prices will see a moderate recovery and remain at a reasonable level.

hawkish

forward looking

certain

2,024

276

on june 28, the monetary policy committee of the people’s bank of china (pboc) held the second quarterly meeting of 2023 (its 101st meeting) in beijing.

irrelevant

not forward looking

certain

2,023

486

after analyzing the economic and financial situation, the committee held that the international financial crisis further spread and deepened, and the international financial market was still in turbulence.

dovish

not forward looking

certain

2,009

534

vigorous support has been rendered to pandemic containment, the resumption of work and production, and the development of the real economy.

dovish

not forward looking

certain

2,020

978

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

dovish

forward looking

certain

2,023

884

the world economy is still in a period of profound readjustment after the global financial crisis.

neutral

not forward looking

certain

2,014

541

a mix of policies will be adopted to support coordinated regional development.

neutral

forward looking

certain

2,023

983

the pbc will innovate and improve macro regulation, practice the sound monetary policy that is more flexible and appropriate, and put more emphasis on supporting the recovery and sustainable development of the real economy.

dovish

forward looking

certain

2,020

969

the monetarypolicy committee of the people’s bank of china (pbc) held its fourth quarterlymeeting of 2007 in beijing days ago.

irrelevant

not forward looking

certain

2,007

972

recently, the monetary policy committee of pbc held its first quarterly meeting in 2013 in beijing.

irrelevant

not forward looking

certain

2,013

980

under favorable conditions of stable and rising food production and smooth functioning of the energy market, prices will remain basically stable.

neutral

forward looking

certain

2,022

305

it was agreed at the meeting that the economy maintained a steady and relatively fast growth with generally good performance, indicating that macroeconomic management achieved initial effects.

dovish

not forward looking

certain

2,006

348