[China’s monetary policy insists on focusing on me, and the foreign exchange market continues to maintain stable operation] September 17th, will the Federal Reserve’s interest rate hike have any impact on the direction of China’s macroeconomic and monetary policy? Since August, the international financial market has continued to fluctuate. The RMB has shown a steady-to-strong trend against the US dollar, with two-way fluctuations. China's foreign exchange market has maintained steady operation, and cross-border capital has maintained a net inflow. Wang Yifeng, deputy director of the Everbright Securities Research Institute, said that after the Fed raised interest rates this time, although the inversion of interest rates between China and the United States has expanded, considering that the market's early expectations for this were relatively sufficient, U.S. bond interest rates have increased significantly recently. This interest rate hike is a precautionary one, reflecting the Fed's desire to rebuild market trust amid high and sideways inflation. Last month, the People's Bank of China pointed out in its second quarter monetary policy implementation report that the current round of interest rate hikes in major overseas economies brought more changes in interest rates and liquidity rather than a reversal in policy orientation, and the impact may be smaller than in the past. Industry experts said that China’s monetary policy has been focusing on China and giving priority to supporting domestic economic development for many years. In recent years, the People's Bank of China has driven down the financing costs of the real economy through multiple rounds of reserve requirement ratio and interest rate cuts. In August, the weighted average interest rate of newly issued corporate loans was slightly less than 3%, about 0.2 percentage points lower than the same period last year; the weighted average interest rate of newly issued personal housing loans was 3.1%, both remaining at historically low levels. Industry insiders said that China's export situation is more certain, domestic inflation is running at a moderate and low level, and the impact of the Federal Reserve's interest rate hike on cross-border capital flows is controllable. China's monetary policy maintains loose liquidity, which strongly supports the financing needs of the real economy. The RMB exchange rate is highly resilient, and whether major overseas economies raise interest rates will have little direct impact on the RMB exchange rate. (CCTV Finance)