The curtain will be raised on transformation, and the future monetary policy framework has already outlined a prototype. Pan Gongsheng, the governor of the People's Bank of China, introduced the future monetary policy framework at the 2024 Lujiazui Forum, proposing important ideas such as "optimizing the intermediate variables of monetary policy regulation and gradually reducing the focus on quantitative targets" and "paying more attention to the role of interest rate regulation". Analysts believe that this means that China's future monetary policy will shift from a combination of quantity and price controls to a focus on price controls, which is also an important symbol of a modern monetary policy framework. In the future, monetary policy transmission efficiency will be higher and financial resource allocation will be more efficient. However, because the transition of monetary policy is not a one-off event, the parallel use of quantity and price control will continue for some time. (Shanghai Securities News)
未来货币政策框架雏形已现 更加注重发挥利率调控作用
The prototype of the future monetary policy framework has emerged, with a greater emphasis on playing the role of interest rate regulation.
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