The monetary policy needs to ensure that the valve on aggregate monetary supply is well controlled and smooth out the fluctuations of macro leverage ratio as appropriate, so as to keep it on a reasonable track in the long run.
In recent years, the PBC has resolutely implemented the decisions and arrangements made by the CPC Central Committee and the State Council and actively supported the development of Beijing as a national financial management center by launching first in Beijing the regulation pilot program of Fintech innovation and the pilot reform of RMB and foreign currency account integration, which truly facilitated the building of four centers (the cultural, political, international exchange, and science and technology innovation centers as Beijing’s major functions.