中国货币政策执行报告:2006年第一季度

目录
第一部分 货币信贷概况
一 货币总量增长较快
二 金融机构存款稳定增长
三 金融机构贷款增长较快
四 基础货币平稳增长，银行体系流动性充足
五 金融机构贷款利率有所降低
六 人民币汇率弹性显著增强
第二部分 货币政策操作
一 灵活开展公开市场操作
二 上调金融机构贷款基准利率
三 加强“窗口指导”和信贷政策引导，促进商业银行改善信贷结构
四 稳步推进金融企业改革
五 继续推出人民币汇率形成机制改革配套措施
六 加快外汇管理体制改革，促进国际收支基本平衡
第三部分 金融市场分析
一 金融市场运行分析
二 金融市场制度性建设
第四部分 宏观经济分析
一 世界经济金融形势
二 我国宏观经济运行分析
第五部分 货币政策趋势
一 我国宏观经济展望
二 下一阶段货币政策取向与趋势
专栏
专栏1 进一步完善银行间即期外汇市场
专栏2 外汇一级交易商制度
专栏3 票据融资业务快速发展的原因及影响
专栏4 全球经济失衡分析
专栏5 农民工劳动报酬调查分析
专栏6 10大城市房地产市场抽样调查
表
表1 2006年第一季度各利率浮动区间贷款占比表
表2 2006年第一季度国内非金融机构部门融资情况简表
表3 2006年第一季度金融机构资金净融出、资金净融入情况表
表4 2006年3月末主要保险资金运用余额及占比情况表
表5 2005年上半年农民工务工地区分布和平均收入
表6 2005年上半年农民工务工行业分布和平均收入
图
图1 2006年第一季度全国银行间债券市场国债收益率曲线变动趋势
图2 10大城市偿债水平比较
附录一 2006年第一季度中国货币政策大事记
附录二 2006年第一季度主要经济体中央银行货币政策
一 美联储
二 欧洲中央银行
三 日本银行
四 英格兰银行
Part 1 Monetary and Credit Performance
Ⅰ Monetary aggregates grew at a relatively rapid pace
Ⅱ Deposits of financial institutions increased steadily
Ⅲ Loans of financial institutions expanded rapidly
Ⅳ Base money grew at a stable pace, and the banking system had abundant liquidity
Ⅴ The interest rate for loans of financial institutions lowered somewhat
Ⅵ The elasticity of the RMB exchange rate clearly strengthened
Part 2 Monetary Policy Conduct
Ⅰ Flexible open market operations (OMOs) were conducted
Ⅱ The benchmark lending rate of financial institutions was raised
Ⅲ "Window guidance" and credit policy guidance were strengthened to promote improvement of the credit structure by commercial banks
Ⅳ The reform of financial institutions was steadily advanced
Ⅴ Supportive policy measures were adopted to improve the RMB exchange rate regime reform
Ⅵ The foreign exchange management system reform was accelerated to promote the basic equilibrium of the BOP
Part 3 Financial Market Performance
Ⅰ An overview of financial market performance
Ⅱ Financial Market Institution Building
Part 4 Analysis of Macroeconomic Development
Ⅰ The global economic and financial situation
Ⅱ Analysis of China's macroeconomic performance
Part 5 Monetary Policy Stance to be Adopted in the Period Ahead
Ⅰ Macroeconomic outlook
Ⅱ Monetary policy stance to be adopted in the period ahead
Box
Box 1 The Inter-bank Spot Foreign Exchange Market Improved Further
Box 2 The Foreign Exchange Primary Dealer System
Box 3 The Rapid Expansion of the Commercial Paper Financing Business and Its Impact
Box 4 Analysis of the Global Economic Imbalances
Box 5 Survey on Compensation for Migrant Workers
Box 6 A Sample Survey of the Real Estate Market in the 10 Cities
Table
Table 1 The Shares of Loans with Rates Floating in Various Ranges in the First Quarter of 2006
Table 2 Financing by Domestic Non-financial Sectors in the First Quarter of 2006
Table 3 Fund Flows of Financial Institutions in the First Quarter of 2006
Table 4 Use of Insurance Funds at end-March 2006
Table 5 Geographical Distribution and Average Salary of Migrant Workers in the First Half of 2005
Table 6 Sector Segmentation and Average Salary of Migrant Workers in the First Half of 2005
Figure
Figure 1 Yield Curve of Government Securities in the Inter-bank Bond Market in the First Quarter of 2006
Figure 2 Comparison of Household Repayment Levels in 10 Cities
Appendix 1 Highlights of China's Monetary Policy in the First Quarter of 2006
Appendix 2 Monetary Policy of Central Banks of Major Econommies in the First Quarter of 2006
Ⅰ The Federal Reserve of the U.S.
Ⅱ The European Central Bank
Ⅲ The Bank of Japan
Ⅳ The Bank of England
附录三 中国主要经济和金融指标 China's Major Economic and Financial Indicators
一 经济增长与经济发展水平 1．Economic Growth
二 价格走势 2．Price Development
1 各种价格指数一览 (1)Overview of price indices
2 居民消费价格总指数 (2)CPI
3 分类指数 (3)Breakdown of indices
三 就业、失业与收入 3．Employment，Unemployment，and Income
四 国内需求 4．Domestic Demand
1 按支出法计算的国内生产总值 (1)Expenditure-based GDP
2 社会消费品零售额 (2)Retail sales of consumer goods
3 固定资产投资完成额 (3)Fixed asset investment
4 房地产 (4)Real estate development
五 对外部门 5．External Sector
1 外贸 (1)Foreign trade
2 外资 (2)Foreign investment
3 国际收支 (3)Balance of payments(BOP)
4 外汇储备 (4)Foreign exchange reserves
5 外债 (5)External debt
六 财政收支与债务 6．Fiscal Revenue，Expenditure，and Debt
七 货币、银行 7．Money and Banking
1 货币供应量 (1)Money supply
2 存贷款 (2)Deposits and loans
3 准备金和超额准备金率 (3)Reserves and excess reserve ratio
4 基础货币 (4)Monetary base
5 利率 (5)Interest rates
八 金融市场 8．Financial Market
1 货币市场 (1)Money market
2 债券市场 (2)Bond market
3 股票市场 (3)Stock market
4 票据市场 (4)Commercial paper market
5 外汇市场 (5)Foreign exchange market
九 中央银行公开市场业务 9．Central Bank Open Market Operations
附录四 世界主要经济体经济和金融指标 Economic and Financial Indicators OF Major Economies
一 经济增长率 1．Economic Growth
二 消费价格指数 2．CPI
三 失业率 3．Unemployment Rate
四 国际收支 4．BOP
五 利率 5．Interest Rates
1 中央银行目标利率 (1)Central bank benchmark rates
2 短期利率 (2)Short-term interest rates
3 长期利率 (3)Long-term interest rates
六 汇率 6．Exchange Rates
七 股票市场指数 7．stock Market Indices