15 release of “2011 fourth quarter monetary policy report, the central bank explained in detail the monetary policy pre-tune fine-tune the operating background and operational details of the fourth quarter of last year, and pointed out that the central bank will pay close attention to foreign exchange to restore growth mobility put additional changes in the situation and its sustainability, and to further improve control of targeted, flexible and forward-looking.

The central bank said, after September 2011, with the risk aversion of the market rise, the euro area financial and credit crunch in emerging markets, including China, affected to some extent, short-term capital flows, a larger change. China’s fourth-quarter foreign exchange periodically reduced, which had an impact on the liquidity supply pattern. The same time, China’s economic growth slowed down price inflation fell back part of the production and operation difficulties increase.

Changes in the domestic and international situation, the central bank to maintain policy continuity and stability continue to implement prudent monetary policy to focus on improving the regulation and control, flexibility and forward-looking, September ready to take a series of measures to pre-tune fine-tuning the appropriate market liquidity and to maintain the overall moderate monetary credit.

One is to adjust liquidity through a variety of ways according to market demand. Suspend the triennial central voting issue, flexible and adjust such other period as the central issue tickets a timely manner through the reverse repo, the maturity of the central counting to provide liquidity. One-year release rate appropriately reduced. Give full play to pre-tune fine-tune the role of open market operations based on December 5 last year, cut the deposit reserve ratio by 0.5 percentage points. In addition, for the 2012 New Year’s Day, Chinese New Year apart closer to commercial banks during the release of the central bank will provide short-term liquidity support to the policy signals to the market in a timely manner.

The second is to play the difference between reserve dynamic adjustment mechanism of counter-cyclical adjustment function, a modest increase in credit. The relevant parameters of the fourth quarter of last year, the difference in preparation Golden dynamic adjustment mechanism to adjust and optimize support for higher capital adequacy ratio, asset quality, sound corporate governance structure, credit policy implementation of powerful financial institutions to increase the industrial policy small micro-enterprises, the weak link of the “three rural” and national priorities in the credit support of the ongoing projects in construction. The fourth quarter increase of RMB loans of 1.8 trillion yuan, an increase of 207.7 billion yuan.

Preset tuning for this year, the central bank said the central bank will continue to adjust the difference since 2012 to prepare the gold dynamic adjustment mechanism parameters, to maintain the credit moderate growth.

The same time, since the beginning of 2012, the global economic and financial stabilization signs of China’s foreign exchange inflows have increased, the renminbi non-deliverable forward rate (NDF) by the depreciation of the expected to the expected flat or slightly appreciation. The report said the central bank will closely monitor the foreign exchange to restore growth, change and sustainability of the liquidity put in the situation increased, continue to follow the requirements of prudent monetary policy, strengthen the monitoring and analysis of domestic and international economic and financial situation and anticipation, to further improve regulation, flexibility and forward-looking.