国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

China's QE on the way? No!

(Xinhua) Updated: 2015-04-29 17:42

China's QE on the way? No!

An employee counts renminbi (yuan) banknotes at a bank in Lianyungang city, East China's Jiangsu province, June 4, 2014. [Photo provided to China Daily]

BEIJING - There has been speculation over whether China is implementing quantitative easing (QE) by buying local government debt, but experts believe some people may have misused the term QE regarding China's current monetary policies.

There is no need for the central bank to buy new government debts directly, a QE measure to pump liquidity, and the central bank is forbidden by law to provide funds to governments directly, said Ma Jun, chief economist with the research bureau of the People's Bank of China (PBOC) on Tuesday.

This year China will maintain stable monetary policies, Ma said.

China has a series of tools to adjust liquidity, including directional refinancing, interest rates and reserve requirement ratio (RRR), and they are effective, Ma said.

Besides these monetary policies, China has been introducing policy tools like fiscal and structural reforms to cope with economic downward pressure, he said.

The market is over-reacting to the "Chinese QE" story and misusing the term QE with regard to China's current monetary policies, said Zhao Yang, an economist of Nomura, Japan's leading financial institution, on Wednesday.

It is widely accepted that the PBOC will inject more liquidity into the interbank market. In actuality, it has been injecting liquidity more aggressively since last year, an effort widely believed to maintain normal growth of the monetary base rather than to provide extra liquidity to the system.

But such liquidity injection is not equivalent to a Chinese version of QE, Zhao said.

QE, in essence, is a monetary policy regime change with an accelerated expansion of a central bank's balance sheet while policy rates are close to zero. Given China's monetary background, QE would mean a "more aggressive" expansion of the PBOC's balance sheet, but this is not what is happening, he said.

The recent liquidity injections have mainly been to offset shrinking foreign exchange purchases in the maintenance of the normal expansion of the central bank's balance sheet. The bottom line is that there is no extra liquidity growth in terms of the monetary base or broad money (M2) from the PBOC's liquidity injections, Zhao said.

Meanwhile, the PBOC is "unlikely, and not in any QE way" to buy local government bonds, according to Zhao.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
红桥区| 丹东市| 灌阳县| 阿鲁科尔沁旗| 遵化市| 科技| 赤水市| 京山县| 青浦区| 屯留县| 玉屏| 丘北县| 万盛区| 南雄市| 无为县| 邢台县| 富民县| 磐石市| 蓝田县| 佳木斯市| 庄浪县| 柳河县| 儋州市| 游戏| 桐柏县| 景泰县| 泉州市| 泸定县| 海兴县| 当涂县| 万源市| 伊宁市| 衡阳市| 江都市| 万州区| 兰州市| 定州市| 姜堰市| 岑溪市| 靖州| 五台县|