Zhou Xiaochuan: The Central Bank Has Always Attached Great Importance To Macro-Control Flexibility.
governor of the People's Bank of China
Zhou Xiao Sichuan
9, in the official website issued a signed article, pointing out that the macro Prudential policy is a good medicine for systemic risks, the PBC has always attached great importance from the perspective of preventing systemic risk.
Macro-control
Elasticity.
In this article entitled "
The 11th Five-Year
In the article "the achievements of China's financial industry reform and development", Zhou Xiaochuan reviewed the adjustment process of monetary policy during the "11th Five-Year" period, indicating that the central bank has been adjusting monetary policy in a timely and appropriate manner in accordance with the changes in domestic and foreign economic forms, so as to ensure steady and rapid economic development.
At the same time, it pointed out that since 2010, the people's Bank of China has made great efforts to improve the pertinence and flexibility of the policy in light of the new situation and new situation. We should comprehensively use quantitative tools and price instruments to strengthen financial macro-control and guide monetary conditions to return to normal from coping with the crisis.
The deposit reserve ratio has been raised 5 times, the benchmark interest rate of deposit and loan has been raised for the 1 time, flexible operation of open market has been conducted, and financial institutions have been guided to reasonably grasp the total amount and rhythm of credit delivery, and support the pformation of economic development mode and structural adjustment.
Zhou Xiaochuan pointed out in his article that one of the great lessons of the international financial crisis is that we should not only pay attention to the risk prevention of a single financial institution or a single industry, but also guard against financial risks from a systemic perspective. Macro Prudential policy is a good medicine for systemic risks.
After the crisis, the International Monetary Fund and the financial stability Council clearly pointed out that the implementation of macro Prudential policy should be an important responsibility of the central bank, and all countries also attach more importance to the macro Prudential Management Function of the central bank.
The people's Bank of China has always attached great importance to enhancing the elasticity of macroeconomic regulation and control from the perspective of preventing systemic risks. We should strengthen the prudent management and guide the steady growth of monetary and credit loans by means of credit policies, differential deposit reserve ratio and mortgage loans.
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