China Financial Daily

Su Ning: fine-tuning of monetary policy is not directed against
Su Ning, deputy governor of People’s Bank of China Information Office yesterday at a news conference that the central bank’s monetary policy implementation is not referred to in the report refers to fine-tune monetary policy to fine-tune the interpretation of the outside world does not reflect the meaning of the central bank. The so-called “fine tuning” is not fine-tuning of monetary policy is the operation of monetary policy, the focus of monetary policy, efforts to fine-tune the tempo.

“Monetary policy report that focused on two aspects, then, on the one hand is a means of market-oriented, rather than approach the scale of control; second aspect is the fine-tuning, rather than a big adjustment,” said Su Ning, the actual fine-tuning has been going on until the second half is not to say that fine-tuning, in fact, the People’s Bank at all times in accordance with market conditions in the fine-tuning. Faced with such a big financial crisis, it is difficult to say the central bank to determine the appropriate implementation of national monetary policy in place immediately, must be based on market conditions and economic development of the ongoing adjustment, making this policy can indeed play a role in stimulating domestic demand, to promote growth.

On the new loans and liquidity problems, said Su Ning, the central bank will not take the size of the control method to control the size of commercial bank loans, the central bank a lot of tools to control the total money supply, thus affecting the size of commercial bank credit. As for the second half of the scale of commercial bank credit, at present no means to take control of the central bank.

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