What is China's monetary policy in 221?

maintain a reasonable growth in the scale of monetary credit and social financing. Implement and give full play to the traction and driving role of monetary policy tools such as refinancing, rediscounting and direct access to the real economy. Build an institutional mechanism for finance to effectively support the real economy. Further promote the reform of financial institutions, constantly improve corporate governance and optimize financial supply.

1. Improve the formation and transmission mechanism of market-oriented interest rates, improve the policy interest rate system of the central bank, continue to deepen the reform of the loan market quotation rate (LPR), release the potential of the reform to promote the reduction of loan interest rates, optimize the supervision of deposit interest rates, further reduce the actual loan interest rates, and continue to guide the financial system to make profits to the real economy. We will steadily deepen the market-oriented reform of the RMB exchange rate, improve the managed floating exchange rate system based on market supply and demand with reference to a basket of currencies, enhance the flexibility of the RMB exchange rate, and play the role of exchange rate adjustment macro-economy and international balance of payments automatic stabilizer. Guide social expectations and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Accelerate the development of the foreign exchange market, guide enterprises and financial institutions to adhere to the concept of "risk neutrality" and provide exchange rate risk management services for import and export enterprises based on the principle of real need. We will steadily promote the convertibility of RMB under capital account, improve the policy framework and infrastructure for the cross-border use of RMB, and improve the convenience of RMB in cross-border trade and investment.

2. Strengthen the construction of the bond market system and enhance the ability of the bond market to serve the real economy. Compacting the responsibilities of intermediaries, implementing the information disclosure requirements of corporate credit bonds, and improving the credit rating system. Adhere to the principle of marketization and rule of law, improve the prevention and disposal mechanism of bond default risk, and resolutely crack down on debt evasion. We will improve relevant policies and institutional arrangements and continue to promote the opening up of the bond market. Continue to strengthen the construction of the basic system of the capital market, better protect the interests of investors, and promote the stable and healthy development of the capital market.

3. Do a good job in resolving stock risks and resolutely curb the rebound of various risks. Further clarify and compact the responsibilities of all parties and form a joint force for risk disposal. Increase the write-off of non-performing assets in the banking system and supplement the capital of small and medium-sized banks by classified measures. Pay close attention to filling the shortcomings of the supervision system, speed up the improvement of the modern financial supervision system, and strengthen supervision and coordination. We will improve the financial risk accountability mechanism, establish a financial and financial risk disposal mechanism for local party and government leaders, seriously pursue accountability for major financial risks, and effectively prevent moral hazard. Give full play to the role of the deposit insurance system, focus on early correction, and further improve the professional and market-oriented risk disposal mechanism of deposit insurance. Improve the forward-looking, overall and initiative of financial risk prevention and control, and firmly hold the bottom line that systemic financial risks do not occur.