Zhou Xiaochuan: Chinese Currency May Not Necessarily Have Loose Space.

In November last year, the people's Bank of China implemented its first interest rate cut in two years and dropped again in February this year. The current 1 year lending rate is 5.35%, and the one-year deposit rate is 2.5%. In February, the PBC also lowered the deposit reserve ratio of financial institutions.

Zhou Xiaochuan, governor of the people's Bank of China, said that compared with other countries, China has more room to relax policy, but it may not necessarily be used.

"We have room for deposit reserve ratio, and our interest rate has not reached zero," Zhou Xiaochuan said in a brief interview with Bloomberg at the International Monetary Fund spring conference in Washington on Saturday. "There must be some space, but the regulation should be meticulous, not to say that there is room for it to be used or used."

Last quarter, China's economic growth reached its lowest level in 2009, and in March the growth rate of industrial added value dropped to its lowest point in November 2008. Institutions including Macquarie Group and HSBC Holdings [0.21%] emphasized that China needed more stimulus measures.

Premier Li Keqiang said last month that if the economic slowdown affected employment and wages, the government would take measures, and Zhou Xiaochuan had said before it was necessary to guard against deflation risk and monetary policy also had "adjustment room".

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Zhou Xiaochuan pointed out that this year, the IMF will review the currency basket of the special drawing rights (SDR) and should promote the full implementation of the IMF share and governance structure reform in 2010. While promoting the implementation of the 2010 reform, we should actively consider and discuss various possible transition plans.

Learned from the central bank, on April 2015 17-19, the International Monetary Fund (IMF) thirty-first international monetary and Financial Committee (IMFC) series meeting was held in Washington, D.C. the meeting focused on the global economic and financial situation and risks, global policy agenda and fund reform. Zhou Xiaochuan, President of the people's Bank of China, led a delegation to attend the meeting and delivered speeches.

　　 Zhou Xiao Sichuan Introducing China's economic situation, it pointed out that China's economy is entering a new normal, while economic growth has slowed down, but it is still in a reasonable range, and employment growth remains stable. Compared with major developed countries and others emerging market The state needs to strive to improve the speed of economic growth. China's main task at present is to guide the economy to a more quality and more sustainable growth mode, including improving the economic structure, encouraging innovation, protecting the environment, promoting the development of the third industry and improving the income distribution.

To this end, the Chinese government is actively launching a series of reform measures such as decentralization, price reform, opening up and further improving the convertibility of RMB capital items. At the same time, Chinese government Also attaches great importance to the real estate market adjustment, part of the industry overcapacity, insufficient consumer demand and investment returns, such as the decline in economic operation problems. At the same time, the Chinese government also attaches great importance to the adjustment of the real estate market, overcapacity in some industries, insufficient consumption demand and a decline in return on investment.

Zhou Xiaochuan said China will continue to implement a prudent monetary policy and adjust itself according to the trend of economy and inflation. The experience of the global financial crisis shows that monetary policy can create opportunities for structural reform, but relying solely on monetary policy will also bring risks. The experience of the global financial crisis shows that monetary policy can create opportunities for structural reform, but relying solely on monetary policy will also bring risks.

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Zhou Xiaochuan, governor of the people's Bank of China, said on the 17 day that the assessment of RMB's accession to the basket of currencies of the International Monetary Fund (IMF) is being carried out in an orderly way, and China will accelerate its own reform to push the process forward.

In an interview with Xinhua news agency during the spring meetings between IMF and the world bank, Zhou Xiaochuan said that the technical assessment of RMB's special drawing rights has just begun. In the 12th Five-Year plan, the Chinese government put forward that RMB capital account convertibility should be realized. This year is the last year of 12th Five-Year. With the promotion of RMB internationalization and China's own needs in trade, investment and financial market activities, the Chinese government will speed up reform and promote the realization of this goal.

By the end of 2010, the International Monetary Fund will shift to about 6% of the share and governance reform programmes to emerging markets and developing countries. The United States is the largest shareholder of IMF. Because the United States has not yet approved the reform plan, the reform has been delayed for five years.

At present, IMF members are discussing the Transitional Plan of the reform. Zhou Xiaochuan stressed that the transitional plan is not an alternative. IMF members still hope that the share and governance reform plan will be resolutely and fully implemented in 2010.

On the first quarter of the Chinese economy slowed to 7%, Zhou Xiaochuan said that although the economic slowdown, but for structural adjustment, change the way of growth has won more space. Slower growth will help China achieve more balanced and sustainable growth. As a large economy, the influence of internal factors on China's economy is more obvious. At the same time, the overall recovery of the world economy is relatively slow, and external demand is relatively weak, which will have an impact on China's import and export. However, the negative impact of the external environment has been much less than that of the financial crisis.