The central bank will fine-tune the focus, intensity and rhythm of its monetary policy operation, instead of the monetary policy itself, said Su Ning, Vice Governor of the People's Bank of China, at the press conference in Beijing on August 7.
It is media’s misunderstanding by saying that the central bank will make minor adjustment on the monetary policy in the future, according to Su.
PBoC recently released its second quarter monetary policy report, reiterating its determination on implementing the moderately easy monetary policy and adding it would make some minor adjustment with market tools according to the domestic and international economic and price development.
Su highlighted two points to explain how the central bank would make the adjustment. Firstly, more market-oriented tools, rather than scale restriction, will be used. And secondly, there will be only minor, not major, adjustment.
Su also stressed that minor adjustment has actually always been on day by day according to changes on the market.
Tackling such a serious financial crisis, the central bank has to make adjustment continuously according to the situation on the market and the economy so that the moderately easy monetary policy can play its role properly and fully in boosting the domestic demand and the economic growth, said Su.
By People's Daily Online
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