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The following article was published in our article directory on April 18, 2011.
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Monetary tightening policy will continue for some time

Article Category: Business

Author Name: xia zihui

According to the outside world care about macro economic and monetary policy orientation of the boao BBS, people's bank of China on April 16, zhou xiaochuan, the breakfast time using answered the part media.

March year-on-year rise are normal CPI, zhou xiaochuan think overall China's CPI is on the high side, well above the government work report of this control target, so to take various measures to overcome its higher problem. One must eliminate inflation to high monetary factors, this is tightening monetary policy appropriate an important reason for this policy will continue for some time.

He doesn't agree that rates channel, he said the central bank don't use. Interest rate policy in general to fight inflation, but if it worked, in the CPI go high process, monetary policy tightening is relieved inflation degree, or after period of time, and then reach influence government control target, this calls for a future data rather than the current data to explain.

For continuous rates could no aggravating enterprise burden, zhou xiaochuan think need comprehensive consideration of the cost of capital, cannot too cheap, if money cheaper to make enterprise active increase inventory, that would not be reasonable.

Meanwhile he mentioned, the current international liquidity relatively abundant, too much with interest rate policy, unceasingly raises the negative effects will also bigger, is easy to cause overseas hot money inflow arbitrage.

About the deposit reserve rate rise ceaselessly, he thinks that there is no absolute index, depending on different conditions. So will in turn to see us face the situation and the conditions, international experience on look nor a standard scale. China for many years have double surpluses factors, in dealing with crisis we have economic stimulus package, resulting in liquidity is overmuch, needs to withdraw flow. Another depends on whether central Banks to reserve servicing, many countries of central bank deposit reserve is not servicing.

About social financing used in the central bank's total monitoring index, zhou xiaochuan explanation, the past is mainly two indicators, one is M2, the one is loans, but now only look at loans is not enough, so try social financing for gross index. But it will have a process, maybe required years to solve. He thinks these aspects is not contradictory to the index.

About yuan appreciation, zhou xiaochuan quoted President hu jintao of China's statement: a dustup will further enhance the flexibility of RMB exchange rate policy, he thinks it has said very clearly. He reminded, respect between market supply and demand, which is necessary control management floating exchange rate system.

About RMB internationalization, zhou xiaochuan introduction, expand the trade settlement in the current process, the central bank of the main responsibility of the stewardess is clearing the associated regulations, change related discriminatory policies.

Chinese renminbi trade settlement of surrounding countries higher, but ultimately depends on enthusiasm market participants enthusiasm and intention.

For the international monetary system changes, he thinks to see international monetary stability degree, as long as they are stable everybody will continue to use. For the international monetary fund's SDR (Special Drawing Rights), he thinks this from the name has shown that this is not a kind of currency, various aspects of statement is not the same.

About the yuan convertible, he reminded, since last year several important documents are written to push the yuan capital items convertibility work, so is to walk, but the pace how to is not clear.

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