2016年我国社会流动性平稳充裕,M1与M2剪刀差持续扩大,社会融资规模增长较多,社会资金成本总体下行,人民币汇率小幅贬值。预计2017年,我国需求疲弱势头难有好转,经济下行压力依旧存在,工业通缩好转势头难以持续,整体通胀水平仍然温和。社会融资成本下降的负溢出效应不容忽视,未来下降难度增大。因此,货币政策要长短兼顾,坚持"稳健"基调,保持社会流动性中性适度,保持银行体系流动性平稳充裕。
In 2016, financial conditions were loose, the difference between the M1 and M2 expanded, aggregate financing to the real economy increased considerably. Costs of funds decreased. The exchange rate of RMB depreciated slightly. In 2017, for the weakness of the demand, the downward pressures of economic growth will still exist, and the improvement of the iudustrial deflation will be unsustainable, so the inflation will be moderate. The declination of costs of funds will become more and more difficult. China will continue to implement the prudent monetary policy, in order to keep funds and liquidity neutral and moderate, and to keep liquidity of the banking system steady and ample.