央行推进利率市场化改革 增强汇率浮动弹性（Central bank to promote market-oriented interest rate reform, enhance exchange rate flexibility）.doc

央行推进利率市场化改革 增强汇率浮动弹性（Central bank to promote market-oriented interest rate reform, enhance exchange rate flexibility） Central bank: to promote market-oriented interest rate reform, enhance exchange rate flexibility China monetary policy implementation report in the first quarter of 2012 China monetary policy implementation report The first quarter of two, one or two Monetary policy analysis group of the peoples Bank of China May 10, 2012 Content summary In the first quarter of 2012, Chinas economy started well. The agricultural production situation is good, the industrial production runs smoothly, the income of the residents increases rapidly, and the price situation is relatively stable. In March, industrial production, retail sales of consumer goods and other major indicators have picked up slightly over the previous two months. In the first quarter, Chinas gross domestic product (GDP) was 10 trillion and 800 billion yuan, an increase of 8.1%, a year-on-year growth of 1.8%; consumer prices rose by 3.8% compared with the previous year; trade surplus was $670 million. Since 2012, the peoples Bank of Chinese in accordance with the spirit of the central economic work conference and the State Council unified deployment, continue to handle the speed, structure, price relationship between the three, the implementation of prudent monetary policy, according to the changing situation timely and appropriate fine-tuning. Comprehensive use of a variety of monetary policy tools to guide moderate growth of monetary and credit, and maintain reasonable social financing scale. According to the liquidity supply and demand situation, especially during the Spring Festival 2012, changes in cash demand, flexible open market operations, once again lowered the deposit reserve rate by 0.5 percentage points. We will continue to improve the macro Prudential policy framework and appropriately adjust the relevant parameters of the dynamic adjustment mechanism of the reserve fund, so as to bett