Tue. Mar 28th, 2023

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Crypto bears return as China calls for cracks down on illegal mining and trading.

2 min read
bitcoin slump

The Financial Stability and Development Committee of the State Council Of China did a meeting on 21st that demanded the financial system must adhere to a sense of the overall situation, adhere to a stable character, scientifically and accurately implement macro-control, grasp the degree, and refrain from making sharp turns. It is necessary to comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity, effectively prevent and defuse financial risks, and promote a virtuous economic and financial cycle. One is to further serve the real economy. A prudent monetary policy must be flexible, precise, reasonable and appropriate, continue to implement policy tools that directly reach the real economy, strengthen the vitality of micro-subjects, stabilize enterprises and ensure employment, and vigorously support the development of inclusive small and micro businesses, rural revitalization, manufacturing, technological innovation, and green transformation. The second is to resolutely prevent and control financial risks. Adhere to the bottom line thinking, strengthen the comprehensive scanning and early warning of financial risks, promote the reform of small and medium financial institutions, focus on reducing credit risks, strengthen the supervision of platform enterprises’ financial activities, crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field. It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities. It is necessary to strictly guard against external risk shocks, effectively respond to imported inflation, strengthen anticipation management, strengthen market supervision, and prepare response plans and policy reserves. The third is to continue to deepen reform and opening up. Further promote the market-oriented reform of interest rates and exchange rates, and maintain the basic stability of the RMB exchange rate at a reasonable and equilibrium level. Speed ​​up the reform of the capital market and promote the high-quality development of the bond market. Deepen the reform of financial institutions, return to the roots, stick to its position, and carry out investment and financing activities in accordance with the green concept. Continue to expand high-level financial opening.

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