Zou Lan, Vice President of the People's Bank of China, said at a press conference of the State Information Office on April 28 that he has paid attention to the recent fluctuations in the US bond market. For a long time, my country's foreign exchange reserves have aimed at safety, liquidity, preservation and appreciation. In accordance with the principles of marketization and professionalism, they have invested in the international financial market, achieving relatively effective diversification of the investment portfolio. The changes in a single market and a single asset have generally limited impact on my country's foreign exchange reserves.

The reserve requirement ratio and interest rate will be cut in a timely manner according to the domestic and international economic situation and the operation of the financial market

Zou Lan said that based on the domestic and international economic situation and the operation of the financial market, we will timely reduce the reserve requirement ratio and interest rate, maintain abundant liquidity, give full play to the dual functions of the total volume and structure of the monetary policy toolbox, create new structural monetary policy tools, and make precise efforts around key areas of stabilizing employment and growing, and provide financial support. We are also studying and enriching policy toolboxes, and will introduce incremental policies in a timely manner to help stabilize employment, enterprises, markets and expectations.

Resolutely prevent exchange rate overshoot risks to maintain basic stability of RMB exchange rate at a reasonable equilibrium level

Zou Lan said that in the next stage, the People's Bank of China will continue to implement a moderately loose monetary policy and strengthen its support for the real economy; at the same time, it will adhere to a managed floating exchange rate system based on market supply and demand, referring to a basket of currencies for regulation. Adhere to the decisive role of the market in exchange rate formation, enhance the resilience of the foreign exchange market, stabilize market expectations, and strengthen market management. Resolutely correct the pro-cyclical behavior of the market, resolutely deal with behaviors that disrupt market order, resolutely prevent the risk of exchange rate overshoot, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.

Give full play to the dual functions of the total volume and structure of the monetary policy toolbox to launch incremental policies in a timely manner

Zou Lan said that based on the domestic and international economic situation and the operation of the financial market, we will timely reduce the reserve requirement ratio and interest rate, maintain abundant liquidity, give full play to the dual functions of the total volume and structure of the monetary policy toolbox, create new structural monetary policy tools, and make precise efforts around key areas of stabilizing employment and growing, and provide financial support. We are also studying and enriching policy toolboxes, and will introduce incremental policies in a timely manner to help stabilize employment, enterprises, markets and expectations.

Personal housing loans increased by about 220 billion yuan in the first quarter

Zou Lan said that at the end of the first quarter of this year, the balance of personal housing loans was 38 trillion yuan, an increase of about 220 billion yuan, an increase of more than 200 billion yuan year-on-year compared with the first quarter of last year.

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