Central Bank officials said China did not send money: the price does not rise sharply

" Measure of money over not exceeding fat , depending on the price , GDP and employment , as long as prices do not rise, you can not say that the existence of super- currency issuance in China 's economic development process , we have done a relatively high growth and low inflation ." Yesterday, on " China's currency is super fat " issue, the central bank survey Secretary Shengsong Cheng made ​​the remarks at the press conference held at the State Information Office .

Money Supply

M2 grew faster reasons Savings

      The end of 2013 , China's broad money (M2) balance 110.65 trillion yuan , an increase of 13.6% ; narrow money (M1) balance of 33.73 trillion yuan , an increase of 9.3% ; currency in circulation (M0) balance of 5.86 trillion yuan , up an increase of 7.1 %. Annual net cash invested 389.9 billion yuan .

     " Money supply includes M0, M1, M2. China 's M0 is cash in circulation , the real issue is that the central bank M0, namely 5.8 trillion of M0. While corporate demand deposits included in M1 , M2 includes all corporate deposits and resident deposits , etc., so the balance of M2 and more . " Shengsong Cheng said the community on the" central issue of all money " had misunderstood part of the central bank issued only M0 , M2 grew faster but mainly because of the fast growth of savings . Generally, the savings rate is relatively high economy, its monetary aggregates also tend to be higher. Chinese people more emphasis on savings , national savings rate of over 50%.

      In response to " Are Chinese super-currency ," the reporter's question , Shengsong Cheng said that monetary policy is essentially between the CPI, economic growth and employment to find a balance , whether the money over , depending on GDP, employment and prices, as long as prices do not rise, money is no super-fat , " the last ten years , China's average price increase of 2 % to 3 %, while China's economic growth in the last 10 years nearly 9% -10 %, we can say that China 's economy has relatively high growth and relatively low inflation , monetary policy is stable and healthy economic development and create a stable monetary and financial environment . "

Loan financing

New loans hit 4 -year high

      Country, China's new loans 8.89 trillion yuan last year , an increase of 687.9 billion yuan , a record high in four years , following 2009 's second highest post . Data show that from 2009 to 2012 , China's RMB loans increments over the years were 9.59 trillion yuan , 7.95 trillion yuan , 7.47 trillion yuan and 8.2 trillion yuan .

      Last year China's social financing scale was 17.29 trillion yuan , the highest level for the year , compared with the previous year, more than 1.53 trillion yuan . " Scale of social financing to maintain moderate growth , further diversified financing structure , in just the past year, the financial system for the financial support of the real economy is relatively large ." Shengsong Cheng said .

      Loans and financing in the amount of scale have hit a new high in recent years at the same time , last year China inter-bank market liquidity squeeze has frequently staged drama . Credit side is a new high , while the high interest rates of innovation , this strange phenomenon of bank funds face intriguing. In expert opinion, " tight money " like two sides of a coin and the loan of a new high . On the one hand , in the case of lack of supervision , the banks a lot of money into high-yield credit field money begets money , and extracorporeal circulation snowball getting bigger , forming a huge "money hole" ; on the other hand , given the market pressure , central banks had to inject more funds to fill the hole , leading to a vicious cycle continue to unfold , the result of funds increasingly high prices , corporate finance more difficult.

Foreign exchange reserves

Record annual growth

      By the end of last year , China's foreign exchange reserves increased $ 509.7 billion compared to the end of 2012 , reaching $ 3.82 trillion , and the annual increase in foreign exchange reserves were a record high .

      Data show that China's foreign exchange reserves increased in the first quarter of last year to about $ 130 billion , equivalent to last year the annual growth of foreign exchange reserves ; reserves growth slowed in the second quarter , an increase of approximately $ 60 billion ; the third quarter increased by approximately $ 160 billion of foreign exchange reserves , appeared in the highest quarterly increase since the second quarter of 2011 ; compared with the end of the third quarter, the fourth quarter increased by approximately $ 160 billion of foreign exchange reserves .

      Yi Gang, director of the State Administration of Foreign Exchange had pointed out that many of the benefits of large foreign exchange reserves , but also the cost of accumulating foreign exchange reserves , exports more large surplus for resources and the environment is stressful , and China continues to accumulate foreign exchange reserves is greater than the marginal cost of the marginal income .

      Lian Ping , chief economist predicted that as China's initiative to increase foreign trade rebalancing efforts, as well as the expected appreciation of the RMB against the U.S. dollar has weakened unilateral , foreign exchange reserves are expected to increase slightly this year than last year . Zhao Qingming, financial experts pointed out that China 's foreign exchange reserves is mainly used to buy government bonds and financial bonds in some countries , but the yield has been low . Especially in recent years , developed economies have implemented quantitative easing , bonds and financial bonds, driving down interest rates, foreign exchange reserves management is still taken if the use of traditional way of increasing the value will be more difficult .

     " Bitcoin is a specific virtual goods . What is money ? Media and the measure of value is the most essential characteristic of currency exchange , which is itself to be valuable, so it can be denominated . Currency has a very important function is denominated means Bitcoin itself is not denominated in the currency , nor as the quote currency is possible. soaring plunged the ' currency ' can be used as currency it? "

     "Shadow banks are engaged outside the traditional financial system credit , financing and other services of the shadow banking is not just institutions, banks and there was the shadow banking , with a Chinese proverb ' hand in hand ' to describe - . Was and banks also have a certain relationship. shadow banking is a product of the market, we must see its positive role , but also to see its risk lies. shadow banking central bank will strengthen monitoring , analysis , and actively guide it in the right direction . "