Pan Gongsheng, the governor of the People's Bank of China, disclosed that the central bank and the Ministry of Finance are working with the Ministry of Finance to promote the implementation of increasing the sale of government bonds, but denied that this approach is equivalent to quantitative easing.

Pan Gongsheng on Wednesday (June 19), at the opening ceremony of the Lujiazui Forum held in Shanghai, emphasized: "This process is gradual, and national debt issuance rhythm, term structure, custody system, etc. also need to be studied and optimized simultaneously."

Last year's Central Financial Work Conference proposed that it is necessary to enrich the monetary policy toolbox and gradually increase the trading of government bonds in the open market operation of the central bank.This triggers external guessing that The Chinese government is considering using this unconventional policy toolZhen Economy .

Pan Gongsheng said that incorporating the trading of government bonds into the monetary policy tool box does not mean that it is necessary to quantify and loose, but to position it as the basic currency launch channel and liquidity management tools.Create a suitable liquidity environment.

He also takes the closure of the US Silicon Valley as an example. As an example, the central bank needs to observe and evaluate the financial market from a macro perspective, and timely correction and blocking the accumulation of the risk of the financial market in a timely manner."At present, especially to pay attention to some non -silver subjects holding a large number of medium- and long -term bonds and the risk of interest rates, maintain a normal inclined yield curve, and maintain the market's positive incentive for investment."

Many central banks have launched interest rate cuts this year.Pan Gongsheng emphasized that the current Chinese economy still faces the challenges of insufficient demand, and the central bank of China will continue to adhere to supportive monetary policy stance.

Pan Gongsheng also tried to dilute the outside world's attention to the slowdown in China's credit growth.He said that the existing social financing scale in China is huge, and it is natural to decline in total growth rate.In addition, of the current nearly 25 trillion yuan (S $ 46.5 trillion) loan balance, real estate and local financing platform loans accounted for a large proportion and did not increase and fall.The rest of the loan must be filled in the decline in order to express the increment. "It is difficult to keep the growth of all credit as in the past."