November 27, the central bank Deputy Governor Hu Xiaolian in attendance "," Finance "Annual Meeting: 2015 forecast and strategy," said the next step will accelerate the rate exchange market; accelerate yuan (6.1440, 0.0049, 0.08%) capital projects convertible, the introduction and implementation of policy financial institutions reform program as soon as possible, to establish a deposit insurance system.

By the end of March this year, the central bank official who said: "Deposit Insurance Act, drafted by the People's Bank, the relevant procedures have been completed, and at the appropriate time, the deposit insurance system will be introduced." And then the above statements Huxiaolian, recently related deposit insurance system upcoming rumor is not nothing.

Following the 1993 "Decision of the State Council on Financial Reform," first proposed "the establishment of a deposit insurance system / fund" has been promoting the work of the deposit insurance system has gone through 21 years.

In addition, Ms. Hu yesterday also reviewed the results of the six areas of financial reform in 2014.

First, the interest rate market-oriented reform has taken new steps. "November 21, the adjustment of the RMB lending and deposit benchmark interest rate at the same time, the introduction of the interest rate market an important measure, the RMB deposit interest rate floating range limit expanded by 1.1 times the benchmark rate to 1.2 times." Ms. Hu said, "at the same time also simplifies the deposit and lending rates of maturities, expanding the interest rate market pricing space, and improve the Shanghai interbank offered rate and the market rate pricing discipline mechanism, the steady expansion of interbank transactions, issuing certificates of deposit. "

It is reported that in January 2014 to October, the total size of interbank deposit certificates issued more than 580 billion yuan, and 34 billion yuan for the full year 2013. Ms. Hu said that further improve the market interest rate formation mechanism, enhance the ability of financial institutions to independent pricing is important.

Second, the rapid development of direct financing. Huxiaolian introduced Road, in January 2014 to October, corporate bond net total of 2.1 trillion yuan financing, an increase of 31% over last year. Meanwhile, as of the end of October 2014, issued a total of 77 single financial institution credit asset-backed securities, total 303 billion yuan, is three times last year.

2014 10 months, in the scale of social financing direct financing in the proportion has risen to about 18%, compared with the same period last year increased by more than 5 percentage points.

Third, deepen financial opening. "As of late October 2014, a total of 16 domestic financial institutions to go abroad to issue RMB bonds 105.5 billion yuan, pushing foreign companies to issue RMB bonds in the territory of 500 million yuan." Ms. Hu said, "especially in Shanghai and Hong Kong through the successful implementation of the mechanism, there is and promoting integration with the Mainland capital market and global capital markets for innovation and development in the Mainland and Hong Kong's capital markets, capital account convertibility of the RMB internationalization process and will play a positive role. "

In addition, Ms. Hu believes that first Shanghai FTA try before financial reform, free trade account system, investment and financing to facilitate the exchange of RMB cross-border use, five aspects of the interest rate market, foreign exchange management reform has accumulated can be copied, can be extended the reform and opening up and the risk of regulatory experience.

Fourth, accelerate the internationalization of the RMB. It is reported that the first 10 months of cross-border RMB settlement size of nearly 8 trillion yuan, accounting for RMB cross-border payments and foreign currency cross-border payments in the proportion of about 24%, the proportion of the RMB settlement of trade in goods and export of 15.7%, and national cross-border RMB payment occurred in China reached 174.

So far, 28 central banks and China signed a bilateral currency swap, the total amount of more than 3 trillion yuan. "This year, with the United Kingdom, Germany, France, South Korea, Canada, Australia, Luxembourg, Qatar, the country's central bank has signed eight clearing arrangements." Ms. Hu said.

As of October this year, China's central bank has with 12 countries signed the RMB clearing arrangements; there are 169 foreign institutions to enter the inter-bank market investment; more than 30 central banks and monetary authorities have yuan into its foreign exchange reserves . So far, the RMB currency cooperation extends to Europe's major financial center, expanding to the Americas, Oceania, the Middle East region.

     Fifth, the macro-control means innovation. Ms. Hu said macro innovation means two things: First, the implementation of the two "quasi-directional drop", the second is the money supply innovative tools. The former is the county were down rural commercial banks and rural cooperative bank deposit reserve ratio 2 and 0.5 percentage points, to meet the requirements of prudent operation and the "three rural" and small and micro business loans up to a certain percentage of commercial bank cut the deposit reserve ratio by 0.5 percentage points; the latter is to facilitate the creation of a mid-term borrowing (MLF).

"Overall, this type of targeted delivery tool that can better balance between regulation and restructuring of the monetary aggregates, a reasonable guide the development of financial support to the real economy." Ms. Hu said.

Sixth, to ease the problem of the high cost of corporate finance. "In addition to requiring financial institutions to optimize the credit management, clean up unreasonable fees, regulate the shadow banking, unreasonable curb rising funding costs, more importantly, is to further deepen the reform of the financial system proposed mechanism of tasks, including promoting the interest rate exchange market, development of multi-level capital market, accelerate the development of private banks and other small financial institutions. "Ms. Hu said," to promote these reforms will help to alleviate the high cost of corporate finance outstanding problem fundamentally. "