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当前的宏观金融管理,应该突出一个“稳”字,稳字当头。所谓求稳至少是寻求三个方面的平衡,即降杠杆、金融稳定和服务实体经济之间的平衡。要达成这种平衡需要三者兼顾,不能只顾其中某个方面而忽视其他两个方面,摁下葫芦浮起瓢。当下尤其需要关注金融降杠杆过程中对实体经济的影响。在利率水平上升和流动性偏紧的条件下,事实上实体经济已经受到了影响,表现最为直接的就是债券市场。截至6月26日,企业债共发行了872.5亿元,是去年同期的四分之一多一些,
The current macro-financial management, should highlight a “stable ” word, steady word. The so-called stabilization at least seeks to strike a balance between three aspects: lowering leverage, financial stability and serving the real economy. In order to achieve this balance, all three need to be taken into consideration. One of these aspects can not be overlooked and the other two sides are neglected. In particular, the current need to focus on financial leverage in the process of the real economy. Under the conditions of rising interest rates and tight liquidity, the real economy has in fact been affected. The bond market is the most direct manifestation. As of June 26, corporate bonds were issued a total of 87.25 billion yuan, a quarter more than the same period last year,