Bank monetary policy in 2011 will be

 Xinhua Shanghai Jan. 12 (Xinhua Wang Tao) Bank Center for Financial Research published 11 research report that 2011 will be the robustness of monetary policy under the overall tone reflects a steady growth, anti-inflation and adjust the structure of the target.

Bank Center for Financial Research Fellow E Wing Kin said, China will face greater inflation pressure, stable price level and prevent excessive price increases is undoubtedly the most important task of monetary policy, but taking into account the external environment for China's development is still more complex, uncertainty is still large, while the more urgent economic structural adjustments, monetary policy, taking into account the need to maintain stable economic growth and promote structural adjustment.

report said, despite two rate hikes in 2010, but the state still negative real interest rate, inflation pressures are still higher in 2011, interest rates have continued to raise the necessary re-start in the United States policy of quantitative easing, the global situation of excess liquidity aggravated circumstances, the foreign interest rate increase will lead to further capital inflows, interest rates will constrain it.

report said:

further tightening in monetary policy, credit control more strictly, a rapid increase in real estate loans difficult circumstances, the report is expected to fall further credit growth in 2011, but considering the real economy, credit demand remains strong, new loans absolute amount is still not low. Bank of new loans in the year 2011, the scale of 7-7.5 trillion yuan in RMB loan balance growth rate of 14.5% -16%.

the same time, the report that open market operations in 2011 to three characteristics: from the direction point of view, the overall liquidity in the market are more abundant, price pressures in the case of large, open market operations, the net return of funds will tend to ; from the operation of varieties, the 2010 launch of the ultra short-term financing bonds to further enrich the open market operations, does not rule out re-launched in 2011 the possibility of new varieties; from the term structure, the higher rise in prices, the strong interest rate expectations cases, the agencies will not need long-term varieties is expected to open market capital return will be the main short-term varieties.

In addition, Bank of view, despite the current large bank's statutory deposit reserve rate has reached a record high of 18.5%, but above normal in the domestic liquidity and inflation pressure is still large, while interest rates are subject to certain adjustments restricted circumstances, the reserve ratio will continue to increase.