BOC chairman Xiao says monetary policy is shrinking

The central bank withdrew some liquidity from the issuance of central bank bills in April. "If you take into account the fact that CPI is negative, current interest rates are still at a relatively high level, but the central bank has no signs of adjustment."　　"--BOC chairman Xiao The news according to the" financial "network reported that BOC chairman Xiao recently said, although the central bank will continue to implement the promise of easy monetary policy has not changed, but the actual has been shrinking. Xiao For example, the central bank withdrew some liquidity from the issuance of central bank bills in April. "If you take into account the fact that CPI is negative, current interest rates are still at a relatively high level, but the central bank has no signs of adjustment." "It all means that although the policies have not changed, they are actually moving in a more prudent direction," Xiao said. "In the context of the economic stimulus package, the first-quarter lending surge will not become the norm," Xiao said, "After April or May, the amount of credit Xiao has slowed."　　If the policy is properly regulated, credit will grow steadily in the next phase and lending should fall back next year.　　Xiao also said that bank of China did a survey, the first quarter of new loans did not flow into the stock market.　　Earlier, the central bank governor Zhou Xiaochuan in Shanghai to participate in the Lujiazui forum, put forward, will be based on the actual situation of moderately loose monetary policy operations fine-tuning.　　The central bank may fine-tune liquidity experts believe that the possibility of "fine-tuning" stems from global underlying inflationary pressures, and that a 25%-month-old currency increase seems to be somewhat different from a "moderately loose" monetary policy, but even if the credit slows, it will not change the easing of liquidity. Aloft, a senior financial analyst at Bank of Communications, argues that moderately loose monetary policy will remain in the absence of a noticeable upturn in the economy.　　But in the face of a credit boom in the first quarter, the central bank is more likely to fine-tune liquidity through window guidance and open market operations.　　The central bank is expected to fine-tune credit structures, such as curbing repetitive credit support, increasing industrial upgrading and lending to the private sector, Aloft said.　　Analysts believe that the current situation in China's monetary policy will not appear directional changes, monetary policy fine-tuning or will be more reflected in the operational strength and structure. Data show that April new loans 591.8 billion yuan, although difficult than the January-March single month super trillion yuan scale, but still remain in high, year-on-year growth is up to 25.95%.