On July 7, the Monetary Policy Committee of the PBC held its second quarterly meeting of 2010.
On July 26, the PBC, jointly with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the State Administration of Taxation, and the China Securities Regulatory Commission, released the Several Opinions on Promoting Gold Market Development (PBC Document [2010] No.211), highlighting the roadmap and main tasks to be finished in gold market development.
On August 5, the China Monetary Policy Report, Quarter 2, 2010, was released.
On August 15, the PBC, jointly with the China Banking Regulatory Commission, released the Guidance on Making all-out Efforts to Render Financial Support and Services to Areas hit by the Catastrophic Mudslide in Gansu and Sichuan Provinces (PBC Document [2010] No. 226).The Guidance urged that efforts should be made to implement the policies on deferred repayments of housing reconstruction loans extended before the disaster, to apply preferential credit policy on housing loans, to strengthen credit management, to increase central bank loans to support the agricultural sector, and to promote resumption of financial services in the disaster-hit areas.
On August 16, the PBC issued the Notice on a Pilot Scheme for Three Kinds of Eligible Institutions Outside the Mainland to Invest in China s Inter-bank Bond Market (PBC Document [2010] No. 217). Under the pilot program, foreign central banks and monetary authorities, the RMB clearing bank in Hong Kong and Macao and participating banks outside the Mainland can make use of their RMB funds to invest in the Mainland s inter-bank bond market.
On August 30, the 19th regular meeting of the committee that reviews the redemption of special central bank notes under the pilot program initiated by the PBC for the reform of rural credit cooperatives (RCCs) decided to redeem central bank notes issued to RCCs in Xide and other 26 counties and county-level cities in 8 provinces autonomous regions, including Sichuan Province, with a total quota of 961 million yuan.
On September 2, the PBC issued the Administrative Rules on Opening RMB Bank Settlement Accounts by Overseas Institutions (PBC Document [2010] No. 249), which stipulated that overseas institutions can apply to open RMB bank settlement accounts with commercial banks to conduct cross-border RMB businesses in according with the law. The Rules entered into force on October 1, 2010.
On September 21, the PBC, jointly with China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, released the Guidance on Further Providing Financial Support and Services to Post-Quake Reconstruction in the Areas Hit by the Wenchuan Earthquake (PBC Document [2010] No. 271). The Guidance emphasized the efforts should be made to maintain the consistency and stability of financial support policies to quake-hit areas, and to further increase the targeting and effectiveness of financial support policies.
On September 28, the Monetary Policy Committee of the PBC held its third quarterly meeting of 2010.
On September 29, in order to further implement the Notice of the State Council on Resolutely Curbing the Excessive Hike of Housing Prices in Some Cities (State Council Document [2010] No.10), consolidate the achievements of macro- management on the real estate market, and promote the healthy development of the real estate market, the PBC, jointly with the China Banking Regulatory Commission, released the Notice on Issues Regarding Improving Differentiated Housing Credit Policies(PBC Document [2010] No. 275). The Notice urged commercial banks to more rigorously implement policies on down payment for the purchase of commercial housing and loan interest rate of mortgage loans, clarified policies on moratorium of mortgage loans to the purchase of third or more home, to resolutely curb speculative activities in the real estate market. In the meantime, the Notice also required commercial banks to continue to meet the loan demand of indemnificatory housing projects, and to support middle and lower-price housing projects and middle and small-sized home projects, so as to guide the healthy development of the real estate market.
