zh-cn	中国人民银行货币政策委员会2020年第一季度（总第88次）例会于3月26日在北京召开。 
en-us	On March 26, the Monetary Policy Committee of the People’s Bank of China (PBC) held the first quarterly meeting in 2020 (its 88th meeting) in Beijing. 

zh-cn	会议分析了国内外经济金融形势。
en-us	The attendees analyzed the economic and financial developments both at home and abroad. 

zh-cn	会议认为，新冠肺炎疫情对我国经济的冲击总体可控，我国经济增长保持韧性，长期向好的基本面没有改变。
en-us	They agreed that, the impact of the COVID-19 outbreak on the Chinese economy is overall controllable, the economic growth remains resilient, and the long-term sound economic fundamentals stay unchanged. 

zh-cn	稳健的货币政策体现了前瞻性、针对性和逆周期调节的要求。
en-us	The sound monetary policy responds to the need for forward-looking and targeted regulation and countercyclical adjustments. 

zh-cn	大力支持疫情防控、复工复产和实体经济发展。
en-us	Great support has been provided for pandemic prevention and control, work and production resumption and the development of the real economy. 

zh-cn	宏观杠杆率基本稳定，金融风险有效防控，金融服务实体经济的质量和效率逐步提升。
en-us	The macro leverage ratio has remained basically stable. With financial risks under effective control, the quality and efficiency of the financial sector serving the real economy has been gradually improved. 

zh-cn	贷款市场报价利率改革效果显现，贷款实际利率明显下降。
en-us	The loan prime rate (LPR) reform has produced initial results, and real lending rates have seen a marked decline. 

zh-cn	人民币汇率总体稳定，双向浮动弹性提升，应对外部冲击的能力增强。
en-us	The RMB exchange rate has remained stable overall and become more flexible in two-way fluctuations and more resilient against external shocks. 

zh-cn	当前国内疫情防控形势持续向好，生产生活秩序加快恢复。
en-us	At present, the work of pandemic prevention and control in China continues to improve, and the restoration of the order of production and life is picking up pace. 

zh-cn	但经济下行压力加大，境外疫情扩散蔓延及其对世界经济产生不利影响，也给我国疫情防控和经济发展带来新的挑战。
en-us	However, the downward pressure on the economy is mounting, and the spread of COVID-19 outside China has not only exerted adverse impact on the world economy, but also posed new challenges to China’s pandemic control and economic growth.

zh-cn	会议指出，要跟踪世界经济金融形势变化，加强对国际经济形势的研判分析，加强国际宏观经济政策协调，集中精力办好自己的事。
en-us	It was noted at the meeting that efforts will be made to follow up the world’s economic and financial developments, enhance the research and analysis of international economic situations, strengthen the coordination of international macroeconomic policies, and concentrate on doing our own affairs well. 

zh-cn	创新和完善宏观调控，稳健的货币政策要更加注重灵活适度，把支持实体经济恢复发展放到更加突出的位置。
en-us	The PBC will innovate and improve macro regulation, make the sound monetary policy more flexible and appropriate, and attach more emphasis on supporting the recovery of the real economy. 

zh-cn	运用多种货币政策工具，保持流动性合理充裕，保持物价水平总体稳定。
en-us	A mix of policy tools will be used to keep liquidity reasonable and adequate and maintain the overall stability of prices. 

zh-cn	有效发挥结构性货币政策工具的精准滴灌作用，用好3000亿元专项再贷款、5000亿元再贷款再贴现专用额度和3500亿元政策性银行专项信贷额度。
en-us	The PBC will also give effective play to the role of structural monetary policy tools in accurate liquidity provision, make good use of the RMB300 billion special central bank lending, the RMB500 billion quotas of central bank lending and central bank discount and the RMB350 billion special credit quotas of policy banks.

zh-cn	引导金融机构加大对抗疫保供、复工复产、脱贫攻坚、春耕备耕、畜禽养殖、外贸行业等的信贷支持。
en-us	Financial institutions will be encouraged to increase credit support for enterprises providing supplies for epidemic containment, resumption of work and production, poverty alleviation, spring farming and tillage preparation, poultry and livestock breeding and foreign trade. 

zh-cn	深化金融供给侧结构性改革，引导大银行服务重心下沉，推动中小银行聚焦主责主业，健全具有高度适应性、竞争力、普惠性的现代金融体系。
en-us	The supply-side structural reform of the financial sector will be deepened to encourage large banks to promote financial inclusiveness and small and medium-sized banks to focus on their mandatory responsibilities and businesses, so as to advance a modern financial system featuring great adaptability, competitiveness and inclusiveness. 

zh-cn	下大力气疏通货币政策传导，继续释放改革促进降低贷款实际利率的潜力，引导金融机构加大对实体经济特别是小微、民营企业的支持力度。
en-us	Meanwhile, the PBC will also work vigorously to smooth monetary policy transmission, continue unleashing the potential of reforms in bringing down real lending rates, and guide financial institutions to increase support for the real economy, especially for micro and small enterprises (MSEs) and private enterprises.

zh-cn	努力做到金融对民营企业的支持与民营企业对经济社会发展的贡献相适应，
en-us	In this way, private enterprises will get financial support proportionate to their contribution to the economic and social development. 

zh-cn	推动供给体系、需求体系和金融体系形成相互支持的三角框架，促进国民经济整体良性循环。
en-us	Moreover, measures will be taken to promote the formation of a triangular framework in which the supply system, the demand system, and the financial system support each other, in a bid to drive the overall virtuous circle of national economic development. 

zh-cn	进一步扩大金融高水平双向开放，提高开放条件下经济金融管理能力和防控风险能力。
en-us	Work will also be done to further open up the financial sector at a high level and in two ways, and consolidate the capabilities of economic and financial regulation and risk prevention in an open market.

zh-cn	会议强调，要以习近平新时代中国特色社会主义思想为指导，认真贯彻落实党的十九届四中全会和中央经济工作会议精神，继续按照党中央、国务院的决策部署，坚持稳中求进工作总基调，统筹推进疫情防控和经济社会发展。
en-us	It was stressed by the attendees that, the PBC will follow the guidance of Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, earnestly implement the guidelines of the Fourth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC) and the Central Economic Work Conference, continue acting in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, uphold the underlying principle of pursuing progress while ensuring stability, and coordinate the efforts to support pandemic control and economic and social development. 

zh-cn	加大宏观政策逆周期调节力度，着力激发微观主体活力，全面做好“六稳”工作。
en-us	The countercyclical adjustments of macro policies should be intensified so as to invigorate micro entities and make all-round progress in stabilizing employment, the financial sector, domestic and foreign investment, foreign trade and expectations. 

zh-cn	健全财政、货币、就业等政策协同和传导落实机制，对冲疫情对经济增长的影响。
en-us	The mechanism for the coordination and transmission of fiscal, monetary and employment policies should be improved to counter the impact of the outbreak on economic growth. 

zh-cn	深化利率市场化改革，有序推进存量浮动利率贷款定价基准转换，保持人民币汇率在合理均衡水平上的基本稳定。
en-us	The PBC will further deepen market-based reform of interest rates, advance the transition of the pricing benchmark of outstanding floating-rate loans to loan prime rate (LPR) in an orderly manner, and keep the RMB exchange rate basically stable at an adaptive and equilibrium level. 

zh-cn	打好防范化解金融风险攻坚战，平衡好稳增长、防风险、控通胀的关系。
en-us	Effective measures will be taken to prevent and defuse financial risks and strike a balance between stabilizing growth, preventing risks and curbing inflation. 

zh-cn	注重在改革发展中化解风险，守住不发生系统性金融风险的底线。
en-us	Emphasis will be placed on defusing risks amid reform and development, so as to hold the bottom line of preventing systemic financial risks.

zh-cn	本次会议由中国人民银行行长兼货币政策委员会主席易纲主持。
en-us	Yi Gang, Governor of the PBC and Chairman of the Monetary Policy Committee, chaired the meeting. 

zh-cn	货币政策委员会委员邹加怡、刘国强、郭树清、易会满、田国立、刘世锦、刘伟、马骏出席会议。
en-us	Monetary Policy Committee members including Zou Jiayi, Liu Guoqiang, Guo Shuqing, Yi Huiman, Tian Guoli, Liu Shijin, Liu Wei and Ma Jun attended the meeting. 

zh-cn	丁学东、连维良、陈雨露、宁吉喆、潘功胜因公务请假。
en-us	Ding Xuedong, Lian Weiliang, Chen Yulu, Ning Jizhe and Pan Gongsheng took a leave of absence for duty calls. 

zh-cn	中国人民银行营业管理部负责同志列席会议。
en-us	Representatives from the PBC operations offices attended the meeting as observers.