论文部分内容阅读
一季度国内经济运行出现积极变化,3月末人民币贷款增量达4.6万亿的数据公布后,市场悲观预期逐渐得到改善。4月份央行继续执行适度宽松的货币政策,并通过公开市场的温和操作保持了银行体系流动性的总体充裕。此前“4万亿”等一揽子经济刺激计划的政策成效在一季度得到反映,经济触底的预期伴随着一季度各项经济指标的公布而增强,市场信心进一步有所恢复。但在“外患”犹存、内需尚弱的情势下,市场成员对后势缺乏明朗的判断,市场观望气氛浓重。整体而言,4月份货币市场表现平静,商业银行资金运用压力较一季度有所缓解,资金拆放利率表现为平稳窄幅波动。
In the first quarter, there was a positive change in the domestic economic operation. After the data on the RMB loans increased by 4.6 trillion at the end of March, the pessimistic expectation in the market gradually improved. In April, the central bank continued to implement a moderately easy monetary policy and maintained the overall liquidity of the banking system through moderation in the open market. Earlier, the policy effect of the “4 trillion yuan” and other economic stimulus packages was reflected in the first quarter. The expectation of a bottoming out economy was enhanced with the announcement of various economic indicators in the first quarter and market confidence was further restored. However, in the “foreign trouble ” still exist, the domestic demand is still weak situation, the market members lack of clear judgment on the trend, the market wait and see atmosphere. Overall, the money market performed quietly in April. The pressure of capital utilization by commercial banks eased up compared with the first quarter, and the interest rate for fund demolition showed a steady narrow range of volatility.