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Liu Guoqiang, deputy governor of the People's Bank of China, said on Thursday that the current monetary policy orientation is sound, the operation method is camera selection, pre-adjustment and fine-tuning, and the operation goal is moderate tightening. So the central bank has no intention to tighten monetary policy, nor to relax monetary policy; neither does it want to see a shortage of market liquidity, nor does it want to see a flood of market liquidity.
At the regular briefing held by Guoxin, he said that the marketization of interest rates is steadily advancing, and the deposit and loan interest rates have been liberalized at present. The next step is to promote the "two-track integration" of market interest rates and benchmark lending interest rates, which will neither be in a hurry nor stagnate.
Liu Guoqiang pointed out that when the Political Bureau of the Central Committee analyzed the economic situation in the first quarter, it required that monetary policy should be adjusted and fine-tuned in time according to the changes of economic growth and price situation, without proposing to change the orientation of monetary policy.
Therefore, if the central bank carries out "reverse repurchase" or "MLF" medium-term lending facilitation operation one day, this does not mean that the direction of monetary policy has shifted to relaxation, but only to adjust short-term liquidity, because short-term liquidity will fluctuate every day under the influence of various factors, so it needs to be adjusted in the short term, but this is not a general direction. Change.
反过来，如果央行好几天不做“逆回购”操作，也不意味着货币政策要收紧了，因为不做意味着已经合理充裕，就没有必要操作，不意味着就转向收紧。 "If policy changes several times a year, sometimes tight, sometimes loose, no one can stand it."
He also suggested that we should remember the four words "moderate tightening" in judging monetary policy. Now some people see whether liquidity is loose or tight from the effect of liquidity, such as whether a certain price has risen or fallen, to judge whether liquidity is loose or tightened. What's more, from the operation of monetary policy, we can see what action the central bank has taken, and we can judge if it is tight or loose. These all have their rationality, but in addition to these, we can also directly look at liquidity.


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