找回密码
 立即注册
首页 Financial China 查看内容
  • QQ空间

China adopts normal monetary policy as long as possible: central bank governor

2020-10-12 15:57

BEIJING, Oct. 11 (Xinhua) -- By keeping its monetary policy prudent and within a normal range, China has been one of the few major economies in the world adopting normal monetary policy, China's central bank governor said.

Keeping a normal monetary policy, positive interest rates as well as upward yield curve is generally conducive to the sustainable economic and social development, Yi Gang, governor of the People's Bank of China (PBOC) wrote in an article published in the China Finance, a PBOC-affiliated magazine.

That also helps provide positive incentives for economic entities and maintain the global competitiveness of the yuan-denominate assets, Yi said.

Yi noted that the major developed economies have continuously adopted the ultra-low interest rates and quantitative easing since the 2008 international financial crisis and started to implement the policy of unlimited quantitative easing to cope with the COVID-19 pandemic.

While keeping its balance sheet stable, the PBOC has also maintained growth of effective credit loans, Yi said, adding that the average required reserve ratio for commercial banks has been lowered from 15 percent to about 9 percent since 2018.

Besides, the central bank has smoothed the transmission mechanism of monetary policy through reform and marketized means, leading to a reasonable increase in money supply and social financing.

The financial sector's support for the real economy, especially the manufacturing sector as well as medium and small firms has been further beefed up, he said.

 

北京,10月11日(新华社)——中国央行行长说,通过保持稳健的货币政策和在正常范围内,中国是世界上少数几个主要经济体采取正常的货币政策。


中国人民银行行长易纲在中国人民银行旗下的《中国金融》杂志上发表的一篇文章中写道,保持正常的货币政策、正利率以及上行收益率曲线,总体上有利于经济社会的可持续发展。


易纲说,这也有助于为经济实体提供积极激励,并保持人民币计价资产的全球竞争力。


易纲表示,2008年国际金融危机以来,主要发达经济体持续实施超低利率和量化宽松政策,为应对新冠肺炎疫情,开始实施无限量量化宽松政策。


易表示,在保持资产负债表稳定的同时,中国人民银行也保持了有效信贷的增长,并补充说,自2018年以来,商业银行的平均存款准备金率已经从15%降至9%左右。


此外,央行通过改革和市场化手段,疏通了货币政策传导机制,使货币供应量和社会融资合理增加。


他说,金融部门对实体经济的支持,特别是制造业和中小企业的支持已经进一步加强。

 

来自: xinhua