Su Ning: Treasury cash operation should strengthen the coordination of monetary and fiscal policy

People's Daily Beijing, May 28 (reporter Cao Hua) this afternoon, the central bank deputy Governor Su Ning visits the People's Daily, talk about "according to Law manager Treasury, service social livelihood", and online interaction with netizens, answer netizens questions.　　When referring to "Treasury cash management can increase some operations to meet the needs of commercial banks," said Su Ning, when doing cash management should consider the needs of commercial banks, but also to consider the need for monetary policy, to ensure that the overall market liquidity is more reasonable. Su Ning said, there is money in the Treasury, in order to improve utilization, the central bank to operate it out, lending to commercial banks, indeed to increase the financing of commercial banks, commercial banks can lend more to support economic development can play a greater role, the central bank is also actively doing this thing.　　However, there are other factors to be considered, notably the coordination of monetary and fiscal policies. People's Bank of the Treasury in the financial deposit, this deposit in the People's Bank and put in a commercial bank is not the same.　　Money deposited in the people's Bank is tantamount to a certain amount of liquidity; to lend money to a commercial bank in the Treasury of People's Bank, that is, to enter a commercial bank from the Treasury of the People's bank, which is tantamount to the release of liquidity. Su Ning said that if the amount of money in the community is too loose, the increase in treasury deposits can appropriately reduce the mobility of society.　　In particular, in the past few years, foreign exchange reserves have increased substantially, and the result of the increase in foreign exchange reserves is that people's banks put liquidity to recover these reserves. "In this case, if the existing people's Bank of these funds are deposited in the commercial banks, is tantamount to increased liquidity." Therefore, the central bank in the cash management is not only to consider the needs of commercial banks, not only to consider the need to do some more to get some more revenue, but also to consider the needs of monetary policy, to ensure that the overall market liquidity is more reasonable. Su Ning said, this is a comprehensive consideration, the central bank will be more appropriate, such as when the market liquidity allows, you can operate a little more cash out of the Treasury, if too much liquidity, less operation.