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
efforts should be made to strengthen coordination ofmonetary policy with fiscal policy, industrial policy, trade policy andfinancial regulatory policy, accelerate economic restructuring and the shift ofgrowth pattern, mobilize the flexibility of market participants so that theycan play a greater role in improving the self-adjusting ability of the economy,and vigorously expand domestic demand to promote a basic equilibrium of thebalance of payments.	dovish	forward looking	certain	2,008	134
the participants discussed the current economic and financial situations at home and abroad and were of the view that performance of the financial sector and real economy in china was generally sound, and the price situation was basically stable, despite many difficulties and challenges; the global economy was expected to continue a slow recovery trend but also faced some unstable and uncertain factors.	neutral	forward looking	uncertain	2,013	522
the pbc will enhance judgment and analysis of domestic and international economic situations, strengthen the coordination of international macroeconomic policies and guard against external shocks.	neutral	forward looking	certain	2,021	422
great support has been provided for pandemic prevention and control, work and production resumption and the development of the real economy.	dovish	not forward looking	certain	2,020	239
great efforts should also be madeto foster development of the financial market construction and financialinstrument innovation, quicken the steps in foreign market development, improveforeign exchange administration, and guide the enterprises and individuals to enhancetheir foreign exchange risk control capability.	dovish	forward looking	certain	2,005	996
in addition, it will advance the high-level two-way opening-up of the financial sector, and improve economic and financial oversight and risk management capability in an open economy.	dovish	forward looking	certain	2,021	146
with financial risks under effective control, the quality and efficiency of the financial sector serving the real economy has been gradually improved.	neutral	not forward looking	certain	2,020	218
the committee called for full implementation of thescientific development approach by stabilizing, improving and carrying out eachmacroeconomic policy, continuously strengthening macroeconomic management toprevent a shift from a relatively fast growth to an economic overheating andensure a sound and rapid development of the chinese economy.	hawkish	forward looking	certain	2,007	290
itwas agreed that the economy had maintained steady and relatively fast growthmomentum.	hawkish	not forward looking	certain	2,005	783
while strengthening the coordination of policies across authorities, 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.	dovish	forward looking	certain	2,022	473
in may, balance of broad money (m2) increased by 20.2 percentyear-on-year to rmb20 trillion yuan, and rmb loans of all financialinstitutions grew by rmb1.2561 trillion yuan from end-2002 to rmb14.4 trillionyuan, rmb719 billion yuan more than the expansion recorded for the same periodof 2002.	dovish	not forward looking	certain	2,003	315
the monetarypolicy committee of the people’s bank of china (pbc) held the third quarterlymeeting of 2004 in beijing days ago.	irrelevant	not forward looking	uncertain	2,004	815
the pbc will work vigorously to improve monetary policy transmission, employ market-based reforms to remarkably lower the real interest rates, guide financial institutions to enhance their support for the real economy, especially for micro and small enterprises (mses) and private enterprises.	dovish	forward looking	certain	2,019	909
the sound monetary policy will be maintained appropriate in intensity, money supply will be properly managed, and massive liquidity injection will be avoided, so as to ensure that the growth of m2 and aggregate financing to the real economy is in line with the nominal gdp growth.	hawkish	forward looking	certain	2,019	934
the monetary policy committee of the pbc held the 3rd quarterly meeting of 2006 in beijing days ago.	irrelevant	not forward looking	certain	2,006	402
on september 26, the monetary policy committee of the people’s bank of china (pbc) held the third regular quarterly meeting in 2018 (its 82nd meeting) in beijing.	irrelevant	not forward looking	certain	2,018	510
the pbc carried out soundmonetary policy, strengthened open market operations and employed variousmonetary policy instruments including raising reserve requirement ratio by 1percentage point to keep money supply and credit grow in a steady way.	hawkish	not forward looking	certain	2,003	732
the committee suggested that guided by the scientificdevelopment approach, vigorous efforts should be made to improve macroeconomicpolicy, enhance macroeconomic management, and further improve coordination ofmonetary policy with fiscal, industrial, foreign trade and financial regulatorypolicies.	dovish	forward looking	certain	2,007	26
forceful actions should be taken to push ahead financialreform and innovation to improve competitiveness of financial institutions andefficiency of the financial market in resource allocation.	dovish	forward looking	certain	2,008	39
the financing and credit structure will be improved and the financial sector reform will be deepened to improve efficiency and build stronger capacity to serve the real economy.	dovish	forward looking	certain	2,014	86
the quality and effectiveness of financial sector’s support to the real economy will be enhanced by comprehensively implementing policies, while the financial services provided for small and micro enterprises, as well as agriculture, rural areas and rural people are to be improved, and a virtuous triangular cycle will be fostered 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 the national economy.	neutral	forward looking	certain	2,019	47
itwas concurred that efforts should be made to fully carry out the guidelineslaid out by the central economic work conference, firmly adopt a scientificdevelopment approach and continue to strengthen and improve macro financialadjustment to ensure price stability and healthy economic development.	neutral	forward looking	certain	2,005	807
it was emphasized at the meeting that efforts should be made to follow 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, strike a balance among maintaining stable and relatively fast economic growth, keeping the general price level stable, and preventing financial risks according to the requirements of keeping the financing volumes at a reasonable level and making counter-cyclical adjustment in a prudential and flexible manner.	neutral	forward looking	uncertain	2,012	957
efforts will be made to promote the market-based reform of interest rates and explore an effective way to that end; to further improve the rmb exchange rate regime, increase the two-way flexibility of rmb exchange rate fluctuations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.	dovish	forward looking	certain	2,012	903
prices will pick up at low levels and remain at a reasonable level.	neutral	forward looking	certain	2,023	526
with the loan prime rate (lpr) reform continuously delivering benefits, monetary policy transmission has become more efficient, and loan rates have remained stable and witnessed a slight decline.	dovish	not forward looking	certain	2,021	933
the meeting analyzed the current economic and financial situation both at home and abroad.	irrelevant	not forward looking	certain	2,017	454
direct financing will be expanded to promote the development of the financial market.	dovish	forward looking	certain	2,010	606
it will maintain the stability of policy instruments like central bank lending and discounts, continue to implement inclusive micro and small business (msb) loan facilities as well as the loan support scheme to ensure deliveries of presold housing projects, and step up support for key areas and weak links in the national economy such as inclusive finance, green development, sci-tech innovation, and infrastructure construction, thus facilitating the coordinated regional development by adopting a mix of policies.	dovish	forward looking	certain	2,023	941
it will reinforce inter-temporal adjustment, which is to be combined with countercyclical adjustment, and coordinate the monetary policies for this year and the next year, so as to bolster high-quality economic development.	dovish	forward looking	certain	2,021	298
it will also focus on expanding domestic demand, boosting confidence, and expediting a virtuous circle of the economy so as to provide stronger support for the real economy.	dovish	forward looking	certain	2,023	702
efforts will be made so that private enterprises receive financial support that matches their contribution to the economic and social development.	dovish	forward looking	certain	2,019	142
with these efforts in place, we expect to make financial support for private enterprises commensurate with their contribution to socio-economic development, build up a triangular framework in which the supply system, the demand system and the financial system support each other, and facilitate the formation of a new development pattern of dual circulations with the domestic circulation as the mainstay and international and domestic circulations facilitating each other.	dovish	forward looking	certain	2,020	273
given the difficulties and setbacks in global recovery and capricious development of the european debt crisis, large uncertainty remained in the global outlook.	neutral	not forward looking	uncertain	2,012	943
expected to be basically stable, the rmb exchange rate has moved in both directions with enhanced flexibility, playing its role as a stabilizer for the macro economy.	neutral	forward looking	certain	2,022	223
upholding the general principle of pursuing progress while ensuring stability, the pboc will firmly pursue high-quality development as a top priority, follow the chinese path to modernization, apply the new development philosophy fully, faithfully and comprehensively, and speed up building a new development paradigm.	dovish	forward looking	certain	2,024	154
in addition, the rmb exchangerate should be basically kept stable and the formation mechanism of rmbexchange rate improved to promote the equilibrium of the balance of payments.	dovish	forward looking	certain	2,003	103
renminbiexchange rate shall be maintained basically stable at an adaptive and equilibriumlevel to promote the balance of international payments.	neutral	forward looking	certain	2,004	724
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 interest rates remain elevated in developed countries.	hawkish	forward looking	certain	2,024	369
it will safeguard the overall stability of the economy and make its development more resilient.	dovish	forward looking	certain	2,021	502
the sound monetary policy has been forward-looking, targeted and timely, enabling vigorous support for pandemic containment, work and production resumption and the development of the real economy.	dovish	forward looking	certain	2,020	44
the supply-side structural reform of the financial sector will be deepened to encourage large banks to promote financial inclusiveness and small and medium-sized banks to focus on their mandatory responsibilities and businesses, so as to advance a modern financial system featuring great adaptability, competitiveness and inclusiveness.	irrelevant	forward looking	certain	2,020	532
remaining generally stable, the rmb exchange rate has become more flexible in two-way fluctuations and more resilient against external shocks.	neutral	not forward looking	certain	2,020	106
while the loan prime rate (lpr) reform continued to unleash its benefits, the monetary policy transmission has become more efficient, and lending rates have remained stable with a slight decline.	dovish	not forward looking	certain	2,022	558
at the next stage, a mix of multiple monetary instruments will be used and macro-prudential policy framework will be improved to effectively manage liquidity and to keep all-system financing aggregate and money aggregates at reasonable levels.	hawkish	forward looking	certain	2,011	259
based on the new development stage, the pbc will apply the new development philosophy, build the new development paradigm, and focus on promoting high-quality development.	dovish	forward looking	certain	2,021	616
the monetary policy transmission has become more efficient, and the financing costs for the real economy have continued to decline.	dovish	not forward looking	certain	2,024	114
it will implement a mix of policies to support coordinated regional development.	neutral	forward looking	uncertain	2,021	795
at the sametime, the urgency of economic restructuring should be fully recognized, thecoordination of the monetary policy with fiscal policy, industrial policy,trade policy and financial regulatory policy should be enhanced and economicrestructuring accelerated to promote a basic equilibrium of the balance ofpayments.	dovish	forward looking	certain	2,007	338
in discussingmonetary policy stance and policy measures to be adopted in the coming period, thecommittee consented that the sound monetary policy should be continued, and effortsshould be made to promote coordination between domestic and foreign currencypolicies and strengthen the preemptive nature of financial macro-management.while strengthening the liquidity management of banking system, an excessivelyrapid growth of money and credit should be further prevented and commercialbanks should be guided to properly control the scale and pace of mid andlong-term lending.	hawkish	forward looking	certain	2,006	155
besides, forceful actions should betaken to push ahead financial reform and innovation to improve competitivenessof financial institutions and efficiency of the financial market in resourceallocation.	dovish	forward looking	certain	2,007	186
it is agreed at the meeting that the pbc will continue to closely monitor profound changes in the economic and financial situation both at home and abroad, be more mindful of the difficulties ahead, maintain its strategic resolve, and focus on performing its own duties.	neutral	forward looking	certain	2,019	222
it was stressed at the meeting that under the guidance of xi jinping thought on socialism with chinese characteristics for a new era, the pboc will fully implement the guidelines of the 20th national congress of the communist party of china (cpc), the central economic work conference, the central financial work conference and the “two sessions”, as well as the decisions and arrangements made by the cpc central committee and the state council.	neutral	forward looking	certain	2,024	162
there will be continued efforts to optimize the financing structure and credit structure, and to increase the proportion of direct financing according to the requirements of deepening supply-side structural reform.	dovish	forward looking	certain	2,017	862
it will implement the carbon emission reduction facility (cerf) and the special central bank lending for the clean and efficient use of coals, sci-tech innovation, inclusive elderly care services, and the transport and logistics sectors respectively.	dovish	forward looking	certain	2,022	87
necessary support has been rendered for economic recovery.	dovish	not forward looking	certain	2,021	569
great efforts shouldalso be made to foster development of the financial market, quicken the stepsin financial reform, and promote a coordinated development of the direct andindirect financing so as to enhance the effectiveness of monetary policytransmission.	dovish	forward looking	certain	2,005	164
the rmb exchange rate has moved in both directions with stabilizing expectations and remained basically stable at a reasonable and balanced level, serving as a stabilizer for the macro economy.	neutral	not forward looking	certain	2,024	90
the monetary policy committee of the pbc convened its first quarterly meeting in 2010 in beijing days ago.	irrelevant	not forward looking	certain	2,010	843
meanwhile, based on the requirements of deepening supply-side structural reform in the financial sector, efforts will be made to optimize financing and credit structures, to provide stronger support for high-quality development, and to boost the compatibility between the financial system and the supply and demand systems.	dovish	forward looking	certain	2,019	945
it will make good use of the existing structural monetary policy tools, and move ahead with the implementation of newly initiated facilities such as the central bank lending for sci-tech innovation and technological transformation, and the central bank lending for affordable housing.	dovish	forward looking	certain	2,024	775
the pbc will keep its monetary policy consistent, stable and sustainable by properly managing the timeliness, intensity and effectiveness of the policy, so as to maintain necessary support for economic recovery.	dovish	forward looking	certain	2,020	762
the participants were of the view that that performance of china's real economy and financial sector as steady with a good momentum for growth, but faced a complicated situation.	irrelevant	not forward looking	certain	2,017	354
work will be done to prevent and defuse financial risks, strike a balance between ensuring stable growth and preventing risks, focus on diffusing risks amid reform and development, stabilize market expectations, and hold the bottom line of preventing systemic financial risks.	hawkish	forward looking	certain	2,019	748
the financial system reform will be deepened, the two-pillar regulatory framework of monetary and macro-prudential policies and the monetary policy transmission mechanism will be improved.	dovish	forward looking	certain	2,018	29
with financial risks under effective control, the quality and efficiency of the financial sector serving the real economy has been gradually improved.	neutral	not forward looking	certain	2,020	840
the pbc will act in accordance with the decisions and arrangements made by the cpc central committee and the state council, uphold the general principle of pursuing progress while ensuring stability, and place a top priority on stability.	neutral	forward looking	certain	2,021	544
it is their consensus that the chinese economy has witnessed healthy development with strong resilience, and the switch to new growth drivers has gathered pace.	dovish	forward looking	certain	2,019	287
on june 24, the monetary policy committee of the people’s bank of china (pbc) held the second quarterly meeting of 2022 (its 97th meeting) in beijing.	irrelevant	not forward looking	certain	2,022	727
the committeeconducted an in-depth analysis of current economic and financial development.it was agreed that the pbc shall meet the requirements of strengthened macroeconomic control, flexibly adopt a mix of monetary policy instruments, furtherpromote the fundamental role of market mechanism in resource allocation,continue to appropriately manage the money and credit aggregate, improvefinancial services and optimize credit structure.	dovish	forward looking	certain	2,004	703
the structural monetary policy tools will be fully leveraged for accurate liquidity provision to strengthen “direct accessibility” of policies.	dovish	forward looking	certain	2,020	626
the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, noting that while the economy broadly remained sound,problems of structural imbalances, heavy reliance on resources input and imbalancesof payments still existed.	neutral	not forward looking	certain	2,007	446
meanwhile, loanstructure should be further improved to prevent new credit risks and promotereform of the state-owned commercial banks.	neutral	forward looking	certain	2,003	207
it will conduct regular supervision over platform economy to promote its regulated, sound and sustained development.	neutral	forward looking	certain	2,022	466
in doing so, the financial sector will work together to safeguard the stability of the financial market, hence contributing to the development of a modern financial system that is highly adaptable, competitive, and inclusive.	dovish	forward looking	certain	2,022	605
it was agreedthat, with the support of the macroeconomic management policies introducedsince the beginning of this year, the immanent force driving economic growthremained strong, although the overall growth rate dropped slightly.	dovish	not forward looking	certain	2,005	75
a mix of policies will be in place to support coordinated regional development.	neutral	forward looking	certain	2,022	16
the sound monetary policy will be flexible, targeted, reasonable and appropriate.	neutral	forward looking	certain	2,021	428
in line with the arrangement of the cpc central committee and thestate council, the pbc has employed an array of monetary policy instruments toadjust money and credit aggregates on a timely and appropriate basis and guidethe commercial banks to optimize their credit structure.	neutral	not forward looking	certain	2,005	98
in line with the overallrequirement of the state council, the pbc closely monitored the economic and financialperformance, made use of various monetary policy instruments to strengthenliquidity management, control credit growth, improve credit structure andsteadily enhance the rmb exchange rate flexibility.	hawkish	not forward looking	certain	2,006	960
the monetary policy transmission has become more efficient, and social financing costs have continued to decline.	dovish	not forward looking	certain	2,024	485
the meeting heldthat, as a series of well-targeted macro control measures formulated by thestate council began taking effect, china’s economy kept developing in thedirection intended by the macro control, the financial system remained safe andsound, and the overall situation was good.	neutral	not forward looking	certain	2,008	538
however, the chinese economy still faced a complex situation, with both favorable and unfavorable factors in sight.	neutral	not forward looking	uncertain	2,014	572
the monetary policy committee of the pbc held the 4thquarterly meeting of 2003 in beijing recently.	irrelevant	not forward looking	certain	2,003	61
in accordance with the overall arrangement ofthe state council, the pbc properly managed the priorities, pace and intensityof financial macro control.	neutral	not forward looking	certain	2,008	689
effective measures will be taken to prevent and defuse major financial risks, hold the bottom line that no systemic financial risks should occur, and strike a long-term balance between stabilizing growth and preventing risks.	hawkish	forward looking	certain	2,020	615
in line with the policy instructions of the cpc centralcommittee and the state council, the pbc continued to implement the soundmonetary policy, strengthened and improved financial management, kept monetaryaggregates under proper control and optimized credit structure.	dovish	not forward looking	certain	2,004	976
the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, agreeing that the scientific development approach mushbe upheld as the overriding principles in guiding the overall economic andsocial progress.	neutral	forward looking	certain	2,006	260
efforts will be made to keepmoney and credit growth at an appropriate level and promote optimal creditstructure.	neutral	forward looking	certain	2,006	948
the pbc will improve the market-oriented interest rate formation and transmission mechanism, optimize the central bank policy rate system, reinforce the regulation over deposit rates, unleash the benefits of the lpr reform, and thus reduce the overall financing costs for businesses.	dovish	forward looking	certain	2,021	518
it will also stabilize banks’ liability costs, unleash the benefits of the lpr reform and give full play to its guiding role, and thus reduce the overall financing costs for businesses.	dovish	forward looking	certain	2,022	779
the committeeanalyzed current domestic and world economic and financial situation and agreedthat despite benign economic situation, china still faced such problems asunreasonable economic structures, extensive growth model and imbalances underbalance of payments.	dovish	not forward looking	certain	2,006	46
the international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the u.s., the euro area has further relaxed its monetary policy, and the real sector in some developing economies faces many difficulties.	neutral	not forward looking	certain	2,014	527
it will implement monetary policy in a flexible and targeted manner, and properly handle the relationship between economic recovery and risk prevention, so as to ensure that china’s economy performs within a reasonable range.	neutral	forward looking	certain	2,021	377
it was concurred that efforts should be made to promote theeconomic and social development in a scientific approach, further deepen thefinancial reform, and improve macro financial management.	dovish	forward looking	certain	2,006	5
the pbc would further advance the financial reform and innovation, and reinforce risk management, in order to enhance the financial enterprises´ capability in fending off risks.	dovish	forward looking	certain	2,009	956
market-based interest rate reform should be steadilyadvanced.	neutral	forward looking	certain	2,005	864
it will innovate and improve approaches to macro regulation, strengthen countercyclical adjustment, and enhance macro policy coordination to forge synergy.	dovish	forward looking	certain	2,019	861
it was emphasized at the meeting that to implement the decisions of the 18th cpc national congress, the 3rd plenary session of the 18th cpc central committee and the central economic work conference, the latest developments in the financial market and real sector at home and abroad and the changes in international capital market will be closely monitored; in accordance with the general requirements of seeking progress while maintaining stability and carrying on reform and innovation, efforts will be made to continue the sound monetary policy, maintain appropriate liquidity, guide money, credit and the all-system financing aggregates to grow at a proper pace, and optimize the financing and credit structure.	neutral	forward looking	certain	2,013	48
the role of direct financing will be further tapped to meet the diverse demand for investment and funding to promote sound development of the financial markets.	dovish	forward looking	certain	2,012	256

efforts should be made to strengthen coordination ofmonetary policy with fiscal policy, industrial policy, trade policy andfinancial regulatory policy, accelerate economic restructuring and the shift ofgrowth pattern, mobilize the flexibility of market participants so that theycan play a greater role in improving the self-adjusting ability of the economy,and vigorously expand domestic demand to promote a basic equilibrium of thebalance of payments.

dovish

forward looking

certain

2,008

134

the participants discussed the current economic and financial situations at home and abroad and were of the view that performance of the financial sector and real economy in china was generally sound, and the price situation was basically stable, despite many difficulties and challenges; the global economy was expected to continue a slow recovery trend but also faced some unstable and uncertain factors.

neutral

forward looking

uncertain

2,013

522

the pbc will enhance judgment and analysis of domestic and international economic situations, strengthen the coordination of international macroeconomic policies and guard against external shocks.

neutral

forward looking

certain

2,021

422

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

dovish

not forward looking

certain

2,020

239

great efforts should also be madeto foster development of the financial market construction and financialinstrument innovation, quicken the steps in foreign market development, improveforeign exchange administration, and guide the enterprises and individuals to enhancetheir foreign exchange risk control capability.

dovish

forward looking

certain

2,005

996

in addition, it will advance the high-level two-way opening-up of the financial sector, and improve economic and financial oversight and risk management capability in an open economy.

dovish

forward looking

certain

2,021

146

with financial risks under effective control, the quality and efficiency of the financial sector serving the real economy has been gradually improved.

neutral

not forward looking

certain

2,020

218

the committee called for full implementation of thescientific development approach by stabilizing, improving and carrying out eachmacroeconomic policy, continuously strengthening macroeconomic management toprevent a shift from a relatively fast growth to an economic overheating andensure a sound and rapid development of the chinese economy.

hawkish

forward looking

certain

2,007

290

itwas agreed that the economy had maintained steady and relatively fast growthmomentum.

hawkish

not forward looking

certain

2,005

783

while strengthening the coordination of policies across authorities, 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.

dovish

forward looking

certain

2,022

473

in may, balance of broad money (m2) increased by 20.2 percentyear-on-year to rmb20 trillion yuan, and rmb loans of all financialinstitutions grew by rmb1.2561 trillion yuan from end-2002 to rmb14.4 trillionyuan, rmb719 billion yuan more than the expansion recorded for the same periodof 2002.

dovish

not forward looking

certain

2,003

315

the monetarypolicy committee of the people’s bank of china (pbc) held the third quarterlymeeting of 2004 in beijing days ago.

irrelevant

not forward looking

uncertain

2,004

815

the pbc will work vigorously to improve monetary policy transmission, employ market-based reforms to remarkably lower the real interest rates, guide financial institutions to enhance their support for the real economy, especially for micro and small enterprises (mses) and private enterprises.

dovish

forward looking

certain

2,019

909

the sound monetary policy will be maintained appropriate in intensity, money supply will be properly managed, and massive liquidity injection will be avoided, so as to ensure that the growth of m2 and aggregate financing to the real economy is in line with the nominal gdp growth.

hawkish

forward looking

certain

2,019

934

the monetary policy committee of the pbc held the 3rd quarterly meeting of 2006 in beijing days ago.

irrelevant

not forward looking

certain

2,006

402

on september 26, the monetary policy committee of the people’s bank of china (pbc) held the third regular quarterly meeting in 2018 (its 82nd meeting) in beijing.

irrelevant

not forward looking

certain

2,018

510

the pbc carried out soundmonetary policy, strengthened open market operations and employed variousmonetary policy instruments including raising reserve requirement ratio by 1percentage point to keep money supply and credit grow in a steady way.

hawkish

not forward looking

certain

2,003

732

the committee suggested that guided by the scientificdevelopment approach, vigorous efforts should be made to improve macroeconomicpolicy, enhance macroeconomic management, and further improve coordination ofmonetary policy with fiscal, industrial, foreign trade and financial regulatorypolicies.

dovish

forward looking

certain

2,007

26

forceful actions should be taken to push ahead financialreform and innovation to improve competitiveness of financial institutions andefficiency of the financial market in resource allocation.

dovish

forward looking

certain

2,008

39

the financing and credit structure will be improved and the financial sector reform will be deepened to improve efficiency and build stronger capacity to serve the real economy.

dovish

forward looking

certain

2,014

86

the quality and effectiveness of financial sector’s support to the real economy will be enhanced by comprehensively implementing policies, while the financial services provided for small and micro enterprises, as well as agriculture, rural areas and rural people are to be improved, and a virtuous triangular cycle will be fostered 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 the national economy.

neutral

forward looking

certain

2,019

47

itwas concurred that efforts should be made to fully carry out the guidelineslaid out by the central economic work conference, firmly adopt a scientificdevelopment approach and continue to strengthen and improve macro financialadjustment to ensure price stability and healthy economic development.

neutral

forward looking

certain

2,005

807

it was emphasized at the meeting that efforts should be made to follow 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, strike a balance among maintaining stable and relatively fast economic growth, keeping the general price level stable, and preventing financial risks according to the requirements of keeping the financing volumes at a reasonable level and making counter-cyclical adjustment in a prudential and flexible manner.

neutral

forward looking

uncertain

2,012

957

efforts will be made to promote the market-based reform of interest rates and explore an effective way to that end; to further improve the rmb exchange rate regime, increase the two-way flexibility of rmb exchange rate fluctuations, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level.

dovish

forward looking

certain

2,012

903

prices will pick up at low levels and remain at a reasonable level.

neutral

forward looking

certain

2,023

526

with the loan prime rate (lpr) reform continuously delivering benefits, monetary policy transmission has become more efficient, and loan rates have remained stable and witnessed a slight decline.

dovish

not forward looking

certain

2,021

933

the meeting analyzed the current economic and financial situation both at home and abroad.

irrelevant

not forward looking

certain

2,017

454

direct financing will be expanded to promote the development of the financial market.

dovish

forward looking

certain

2,010

606

it will maintain the stability of policy instruments like central bank lending and discounts, continue to implement inclusive micro and small business (msb) loan facilities as well as the loan support scheme to ensure deliveries of presold housing projects, and step up support for key areas and weak links in the national economy such as inclusive finance, green development, sci-tech innovation, and infrastructure construction, thus facilitating the coordinated regional development by adopting a mix of policies.

dovish

forward looking

certain

2,023

941

it will reinforce inter-temporal adjustment, which is to be combined with countercyclical adjustment, and coordinate the monetary policies for this year and the next year, so as to bolster high-quality economic development.

dovish

forward looking

certain

2,021

298

it will also focus on expanding domestic demand, boosting confidence, and expediting a virtuous circle of the economy so as to provide stronger support for the real economy.

dovish

forward looking

certain

2,023

702

efforts will be made so that private enterprises receive financial support that matches their contribution to the economic and social development.

dovish

forward looking

certain

2,019

142

with these efforts in place, we expect to make financial support for private enterprises commensurate with their contribution to socio-economic development, build up a triangular framework in which the supply system, the demand system and the financial system support each other, and facilitate the formation of a new development pattern of dual circulations with the domestic circulation as the mainstay and international and domestic circulations facilitating each other.

dovish

forward looking

certain

2,020

273

given the difficulties and setbacks in global recovery and capricious development of the european debt crisis, large uncertainty remained in the global outlook.

neutral

not forward looking

uncertain

2,012

943

expected to be basically stable, the rmb exchange rate has moved in both directions with enhanced flexibility, playing its role as a stabilizer for the macro economy.

neutral

forward looking

certain

2,022

223

upholding the general principle of pursuing progress while ensuring stability, the pboc will firmly pursue high-quality development as a top priority, follow the chinese path to modernization, apply the new development philosophy fully, faithfully and comprehensively, and speed up building a new development paradigm.

dovish

forward looking

certain

2,024

154

in addition, the rmb exchangerate should be basically kept stable and the formation mechanism of rmbexchange rate improved to promote the equilibrium of the balance of payments.

dovish

forward looking

certain

2,003

103

renminbiexchange rate shall be maintained basically stable at an adaptive and equilibriumlevel to promote the balance of international payments.

neutral

forward looking

certain

2,004

724

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 interest rates remain elevated in developed countries.

hawkish

forward looking

certain

2,024

369

it will safeguard the overall stability of the economy and make its development more resilient.

dovish

forward looking

certain

2,021

502

the sound monetary policy has been forward-looking, targeted and timely, enabling vigorous support for pandemic containment, work and production resumption and the development of the real economy.

dovish

forward looking

certain

2,020

44

the supply-side structural reform of the financial sector will be deepened to encourage large banks to promote financial inclusiveness and small and medium-sized banks to focus on their mandatory responsibilities and businesses, so as to advance a modern financial system featuring great adaptability, competitiveness and inclusiveness.

irrelevant

forward looking

certain

2,020

532

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

neutral

not forward looking

certain

2,020

106

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

dovish

not forward looking

certain

2,022

558

at the next stage, a mix of multiple monetary instruments will be used and macro-prudential policy framework will be improved to effectively manage liquidity and to keep all-system financing aggregate and money aggregates at reasonable levels.

hawkish

forward looking

certain

2,011

259

based on the new development stage, the pbc will apply the new development philosophy, build the new development paradigm, and focus on promoting high-quality development.

dovish

forward looking

certain

2,021

616

the monetary policy transmission has become more efficient, and the financing costs for the real economy have continued to decline.

dovish

not forward looking

certain

2,024

114

it will implement a mix of policies to support coordinated regional development.

neutral

forward looking

uncertain

2,021

795

at the sametime, the urgency of economic restructuring should be fully recognized, thecoordination of the monetary policy with fiscal policy, industrial policy,trade policy and financial regulatory policy should be enhanced and economicrestructuring accelerated to promote a basic equilibrium of the balance ofpayments.

dovish

forward looking

certain

2,007

338

in discussingmonetary policy stance and policy measures to be adopted in the coming period, thecommittee consented that the sound monetary policy should be continued, and effortsshould be made to promote coordination between domestic and foreign currencypolicies and strengthen the preemptive nature of financial macro-management.while strengthening the liquidity management of banking system, an excessivelyrapid growth of money and credit should be further prevented and commercialbanks should be guided to properly control the scale and pace of mid andlong-term lending.

hawkish

forward looking

certain

2,006

155

besides, forceful actions should betaken to push ahead financial reform and innovation to improve competitivenessof financial institutions and efficiency of the financial market in resourceallocation.

dovish

forward looking

certain

2,007

186

it is agreed at the meeting that the pbc will continue to closely monitor profound changes in the economic and financial situation both at home and abroad, be more mindful of the difficulties ahead, maintain its strategic resolve, and focus on performing its own duties.

neutral

forward looking

certain

2,019

222

it was stressed at the meeting that under the guidance of xi jinping thought on socialism with chinese characteristics for a new era, the pboc will fully implement the guidelines of the 20th national congress of the communist party of china (cpc), the central economic work conference, the central financial work conference and the “two sessions”, as well as the decisions and arrangements made by the cpc central committee and the state council.

neutral

forward looking

certain

2,024

162

there will be continued efforts to optimize the financing structure and credit structure, and to increase the proportion of direct financing according to the requirements of deepening supply-side structural reform.

dovish

forward looking

certain

2,017

862

it will implement the carbon emission reduction facility (cerf) and the special central bank lending for the clean and efficient use of coals, sci-tech innovation, inclusive elderly care services, and the transport and logistics sectors respectively.

dovish

forward looking

certain

2,022

87

necessary support has been rendered for economic recovery.

dovish

not forward looking

certain

2,021

569

great efforts shouldalso be made to foster development of the financial market, quicken the stepsin financial reform, and promote a coordinated development of the direct andindirect financing so as to enhance the effectiveness of monetary policytransmission.

dovish

forward looking

certain

2,005

164

the rmb exchange rate has moved in both directions with stabilizing expectations and remained basically stable at a reasonable and balanced level, serving as a stabilizer for the macro economy.

neutral

not forward looking

certain

2,024

90

the monetary policy committee of the pbc convened its first quarterly meeting in 2010 in beijing days ago.

irrelevant

not forward looking

certain

2,010

843

meanwhile, based on the requirements of deepening supply-side structural reform in the financial sector, efforts will be made to optimize financing and credit structures, to provide stronger support for high-quality development, and to boost the compatibility between the financial system and the supply and demand systems.

dovish

forward looking

certain

2,019

945

it will make good use of the existing structural monetary policy tools, and move ahead with the implementation of newly initiated facilities such as the central bank lending for sci-tech innovation and technological transformation, and the central bank lending for affordable housing.

dovish

forward looking

certain

2,024

775

the pbc will keep its monetary policy consistent, stable and sustainable by properly managing the timeliness, intensity and effectiveness of the policy, so as to maintain necessary support for economic recovery.

dovish

forward looking

certain

2,020

762

the participants were of the view that that performance of china's real economy and financial sector as steady with a good momentum for growth, but faced a complicated situation.

irrelevant

not forward looking

certain

2,017

354

work will be done to prevent and defuse financial risks, strike a balance between ensuring stable growth and preventing risks, focus on diffusing risks amid reform and development, stabilize market expectations, and hold the bottom line of preventing systemic financial risks.

hawkish

forward looking

certain

2,019

748

the financial system reform will be deepened, the two-pillar regulatory framework of monetary and macro-prudential policies and the monetary policy transmission mechanism will be improved.

dovish

forward looking

certain

2,018

29

with financial risks under effective control, the quality and efficiency of the financial sector serving the real economy has been gradually improved.

neutral

not forward looking

certain

2,020

840

the pbc will act in accordance with the decisions and arrangements made by the cpc central committee and the state council, uphold the general principle of pursuing progress while ensuring stability, and place a top priority on stability.

neutral

forward looking

certain

2,021

544

it is their consensus that the chinese economy has witnessed healthy development with strong resilience, and the switch to new growth drivers has gathered pace.

dovish

forward looking

certain

2,019

287

on june 24, the monetary policy committee of the people’s bank of china (pbc) held the second quarterly meeting of 2022 (its 97th meeting) in beijing.

irrelevant

not forward looking

certain

2,022

727

the committeeconducted an in-depth analysis of current economic and financial development.it was agreed that the pbc shall meet the requirements of strengthened macroeconomic control, flexibly adopt a mix of monetary policy instruments, furtherpromote the fundamental role of market mechanism in resource allocation,continue to appropriately manage the money and credit aggregate, improvefinancial services and optimize credit structure.

dovish

forward looking

certain

2,004

703

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

dovish

forward looking

certain

2,020

626

the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, noting that while the economy broadly remained sound,problems of structural imbalances, heavy reliance on resources input and imbalancesof payments still existed.

neutral

not forward looking

certain

2,007

446

meanwhile, loanstructure should be further improved to prevent new credit risks and promotereform of the state-owned commercial banks.

neutral

forward looking

certain

2,003

207

it will conduct regular supervision over platform economy to promote its regulated, sound and sustained development.

neutral

forward looking

certain

2,022

466

in doing so, the financial sector will work together to safeguard the stability of the financial market, hence contributing to the development of a modern financial system that is highly adaptable, competitive, and inclusive.

dovish

forward looking

certain

2,022

605

it was agreedthat, with the support of the macroeconomic management policies introducedsince the beginning of this year, the immanent force driving economic growthremained strong, although the overall growth rate dropped slightly.

dovish

not forward looking

certain

2,005

75

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

neutral

forward looking

certain

2,022

16

the sound monetary policy will be flexible, targeted, reasonable and appropriate.

neutral

forward looking

certain

2,021

428

in line with the arrangement of the cpc central committee and thestate council, the pbc has employed an array of monetary policy instruments toadjust money and credit aggregates on a timely and appropriate basis and guidethe commercial banks to optimize their credit structure.

neutral

not forward looking

certain

2,005

98

in line with the overallrequirement of the state council, the pbc closely monitored the economic and financialperformance, made use of various monetary policy instruments to strengthenliquidity management, control credit growth, improve credit structure andsteadily enhance the rmb exchange rate flexibility.

hawkish

not forward looking

certain

2,006

960

the monetary policy transmission has become more efficient, and social financing costs have continued to decline.

dovish

not forward looking

certain

2,024

485

the meeting heldthat, as a series of well-targeted macro control measures formulated by thestate council began taking effect, china’s economy kept developing in thedirection intended by the macro control, the financial system remained safe andsound, and the overall situation was good.

neutral

not forward looking

certain

2,008

538

however, the chinese economy still faced a complex situation, with both favorable and unfavorable factors in sight.

neutral

not forward looking

uncertain

2,014

572

the monetary policy committee of the pbc held the 4thquarterly meeting of 2003 in beijing recently.

irrelevant

not forward looking

certain

2,003

61

in accordance with the overall arrangement ofthe state council, the pbc properly managed the priorities, pace and intensityof financial macro control.

neutral

not forward looking

certain

2,008

689

effective measures will be taken to prevent and defuse major financial risks, hold the bottom line that no systemic financial risks should occur, and strike a long-term balance between stabilizing growth and preventing risks.

hawkish

forward looking

certain

2,020

615

in line with the policy instructions of the cpc centralcommittee and the state council, the pbc continued to implement the soundmonetary policy, strengthened and improved financial management, kept monetaryaggregates under proper control and optimized credit structure.

dovish

not forward looking

certain

2,004

976

the committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, agreeing that the scientific development approach mushbe upheld as the overriding principles in guiding the overall economic andsocial progress.

neutral

forward looking

certain

2,006

260

efforts will be made to keepmoney and credit growth at an appropriate level and promote optimal creditstructure.

neutral

forward looking

certain

2,006

948

the pbc will improve the market-oriented interest rate formation and transmission mechanism, optimize the central bank policy rate system, reinforce the regulation over deposit rates, unleash the benefits of the lpr reform, and thus reduce the overall financing costs for businesses.

dovish

forward looking

certain

2,021

518

it will also stabilize banks’ liability costs, unleash the benefits of the lpr reform and give full play to its guiding role, and thus reduce the overall financing costs for businesses.

dovish

forward looking

certain

2,022

779

the committeeanalyzed current domestic and world economic and financial situation and agreedthat despite benign economic situation, china still faced such problems asunreasonable economic structures, extensive growth model and imbalances underbalance of payments.

dovish

not forward looking

certain

2,006

46

the international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the u.s., the euro area has further relaxed its monetary policy, and the real sector in some developing economies faces many difficulties.

neutral

not forward looking

certain

2,014

527

it will implement monetary policy in a flexible and targeted manner, and properly handle the relationship between economic recovery and risk prevention, so as to ensure that china’s economy performs within a reasonable range.

neutral

forward looking

certain

2,021

377

it was concurred that efforts should be made to promote theeconomic and social development in a scientific approach, further deepen thefinancial reform, and improve macro financial management.

dovish

forward looking

certain

2,006

5

the pbc would further advance the financial reform and innovation, and reinforce risk management, in order to enhance the financial enterprises´ capability in fending off risks.

dovish

forward looking

certain

2,009

956

market-based interest rate reform should be steadilyadvanced.

neutral

forward looking

certain

2,005

864

it will innovate and improve approaches to macro regulation, strengthen countercyclical adjustment, and enhance macro policy coordination to forge synergy.

dovish

forward looking

certain

2,019

861

it was emphasized at the meeting that to implement the decisions of the 18th cpc national congress, the 3rd plenary session of the 18th cpc central committee and the central economic work conference, the latest developments in the financial market and real sector at home and abroad and the changes in international capital market will be closely monitored; in accordance with the general requirements of seeking progress while maintaining stability and carrying on reform and innovation, efforts will be made to continue the sound monetary policy, maintain appropriate liquidity, guide money, credit and the all-system financing aggregates to grow at a proper pace, and optimize the financing and credit structure.

neutral

forward looking

certain

2,013

48

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

dovish

forward looking

certain

2,012

256