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Pan Gongsheng: Optimizing the Intermediate Variables of Monetary Policy Control

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2024-06-19 10:15:56
On June 19, Pan Gongsheng, Governor of the People's Bank of China, said at the Lujiazui Forum today that in the future, we can continue to optimize the intermediate variables of monetary policy and gradually dilute the focus on quantitative targets. When the growth of money and credit has shifted from supply constraints to demand constraints, if the focus is still on the growth of quantity or even the scale complex, it is obviously contrary to the law of economic operation. It is necessary to use the total financial volume as an observational, reference and anticipatory indicator, and pay more attention to the role of interest rate regulation.