Central Bank Assistant Governor: monetary policy also has a larger swing space
New in Qingdao, June 4 (reporter Zhou Rui) Assistant to the Governor of the people's Bank of China Yin Yong, 4th in Qingdao said that compared with other major economies in the world, and swing space of China's monetary policy is still relatively large.
Yin Yong is in "2016 Qingdao China wealth management forum," said these words. He said the global financial crisis, monetary policy of central banks in the world from traditional to non-traditional policy tools and tool transfer started from positive interest rate falls to zero, followed by further extending quantitative easing of the balance sheet, in the case of policy change is obvious, some of the major central banks and the introduction of negative interest rates policy. Now, some people presented an updated concept of monetary policy is the "helicopter drop" of money.
Yin Yong pointed out that in contrast, China's economy is currently at a high level of growth, core inflation has remained stable, the traditional instruments of monetary policy, including interest rates, reserve ratios are regulated by the normal space. He stressed that China's Central Bank did not conduct quantitative easing, from this point of view, monetary policy swing space is quite large.
For China's monetary policy in the current form, said Yin Yong, "moderate" is an accurate description. At present, China's economy faces many uncertainties, including changes in capital flows, economic growth, economic structure adjustments and so on. Therefore, China must coordinate these different aspects of monetary policy, instead of only a single index or a certain angle, so conservatism is the people's Bank of China monetary policy objectives pursued.
Yin Yong think, including China, the current monetary policies of major economies around the world face five challenges.
One is that in the context of potential growth, how to implement monetary policy. He said although many people on monetary policy given the high expectations, but it is difficult for monetary policy to address the structural problem.
Second is in the context of increasing pressure for debt sustainability, how to implement monetary policy. Low interest rates reduce the cost of debt financing, but at the same time reducing the power of leverage, high interest rates can move the deleveraging process, but it will make a great impact on the real economy.
Third is in the process of economic transition, how to do a number of monetary policy objectives and tradeoffs between price target.
Its four is how to balance between macro policies and micro adjustment.
Its five-how to do a variety of policy coordination. He said, now more and more central banks pursuing macroeconomic objectives, including economic growth, full employment, balance of payments, financial stability, structural optimization, but the Central Bank has a number of macro-policy instrument is limited, how to deal with the limited tools and relationships between multiple targets is a new challenge.
Author: Zhou Rui
(Editors: Xu Yonggang UN006)
2016-06-04 16:35:34
China News Network

央行行长助理：中国货币政策还有较大回旋空间
中新社青岛6月4日电 (记者 周锐)中国人民银行行长助理殷勇4日在青岛表示，相对于世界上其它主要经济体而言，中国货币政策的回旋空间还是比较大的。
　　殷勇是在“2016青岛中国财富论坛”上说这番话的。他表示，全球金融危机后，世界上中央银行的货币政策从传统政策工具越来越向非传统工具转移，最开始把利率从正值降到零，后面又进一步实行了扩展资产负债表的量化宽松政策，在这些政策未有明显效果的情况下，一些主要的中央银行又实行了负利率政策。现在，又有一些人提出了一个更新的货币政策概念，就是“直升机撒钱”。
　　殷勇指出，相比而言，中国经济目前还处在一个中高速的增长水平，核心通胀还保持稳定，传统的货币政策工具，包括利率工具、准备金率都有正常调节的空间。他强调，中国央行没有进行量化宽松，从这一点看，中国货币政策回旋空间还是比较大的。
　　对于中国货币政策当前的形态，殷勇表示，“稳健”是一个准确的描述。目前，中国经济面临很多的不确定性，包括资本流动变化、经济增长速度变化、经济结构调整等。因此，中国的货币政策就要统筹协调好这些不同的方面，而不能只看其中的某一个指标或者某一个角度，所以说稳健性是中国央行追求的货币政策目标。
　　殷勇认为，包括中国在内，当前全球主要经济体货币政策都面临五方面挑战。
　　其一是在潜在增长率下降的环境下，如何进一步实施货币政策。他表示，虽然很多人对货币政策给予了更高的期待，但货币政策很难解决结构性问题。
　　其二是在债务可持续性压力不断加大的情况下，如何实施货币政策。低利率可以降低债务融资成本，但会同时降低去杠杆的动力；高利率可以推动去杠杆进程，但会对实体经济造成较大冲击。
　　其三是在经济转型过程中，如何做好货币政策的数量目标和价格目标之间的权衡。
　　其四是如何做好宏观政策和微观调整之间的平衡。
　　其五是如何做好各种政策的协调。他表示，当下央行追求的宏观经济目标越来越多，包括经济增长、充分就业、国际收支平衡、金融稳定、结构优化等，但是央行拥有的宏观政策工具数量是有限的，如何处理好有限工具和多个目标之间的关系是一个新挑战。
　　作者：周锐
(责任编辑：徐永刚 UN006)
2016-06-04 16:35:34
中国新闻网