China Financial Daily

Su Ning, deputy governor of the central bank: “fine tuning” is not fine-tuning of monetary policy
August 7 in the Information Office held a news conference, the central bank Deputy Governor Su Ning said, “fine tuning” is not fine-tuning of monetary policy is monetary policy operations and the focus of monetary policy, efforts to fine-tune the tempo.

The central bank recently issued in the second quarter report on the implementation of monetary policy mentioned in the “fine tuning” the word, the market was generally agreed that monetary policy may shift the beginning of the process, Su Ning at the press conference when answering a reporter’s question said, “Here I would like to talk about , first of all (this) is not fine-tune monetary policy, I see a lot of media called ‘fine-tuning of monetary policy’, some call ‘monetary policy’, this does not reflect the meaning of the central bank. Our original is this: continue to unswervingly implement the moderately relaxed monetary policy, in accordance with domestic and international economic trends and price changes, the use of market-oriented means of dynamic fine-tuning, a good grasp of appropriate monetary policy focus, intensity and rhythm. We say that the ‘fine tuning’ rather than the fine-tuning of monetary policy, is the operation of monetary policy and the focus of monetary policy, efforts to fine-tune the rhythm, this is the first I would like to emphasize. ”

Su Ning said, we focus on this passage in two aspects, one aspect is a means of market-oriented, rather than the size of the control solution. The second aspect is the fine-tuning rather than major adjustments. In addition, the so-called fine-tuning, in fact, has been engaged in, not to say that until the second half of fine-tuning, in fact, the People’s Bank on a monthly, weekly weeks, every day the situation in the market for fine-tuning; does not mean that we do not fine-tune the first half of the first half of There are fine-tuning. Faced with such a big financial crisis, it is difficult to say the People’s Bank to determine the appropriate implementation of national monetary policy in place immediately, we must, in accordance with market conditions, according to the economic development of the ongoing adjustment, making this policy can indeed play a stimulating domestic demand and promote growth.

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