Comments: Interest rates are expected to be heating up at the time of heating up the w

Source: Bloomberg

The central bank governor of Australia, Britain, and Thailand warned that although the global expected heating on interest rates or approaching the top, the prospect of monetary policy is still unclear.

Michele Bullock, the President of the Central Bank of Australia, said at a meeting held in Hong Kong that the bank was dealing with extensive uncertainty and testing.She added that the toughness of economic activities exceeded expectations, and the service industry inflation was "stubborn".

Dave Ramsden, deputy governor of the Bank of England, pointed out that although there are still many uncertain factors, his confidence in prospects is increasing.He said that the market has recognized that interest rates will remain at a high position for a longer period of time, and at the same time, the interest rate market fluctuations and their sensitivity to data release.

Pablo Hernandez de cos, President of Spain, said that the increase in interest rates has improved bank profitability, but this impact is short -term.He warned that credit risk may occur at some time, and assets may suffer losses.

"The information we sends out is that the banking industry should be very cautious," he suggested that banks use high profitability to enhance their toughness.

Thailand's central bank governor Sethaput SuthiwartnaruePut expressed concern about the high debt of the family. At present, family debt accounts for about 90%of the country's GDP.Other factors that lead to the complexity of the policy also include the growth of credit growth in SMEs, and the number of Chinese tourists has not yet returned to the level before the epidemic.

In addition, Sethaput pointed out that the final interest rate level of Thailand and other emerging markets may be lower than the United States, which is unprecedented.

"We are in a very favorable position in dealing with fluctuations," he said."Speaking of this, I think not too optimistic. This is important."

Chen Maobo, the director of the Hong Kong Financial Secretary, gave an opening speech at the meeting held by the Hong Kong HKMA and the International Lleel Bank (BIS).He said that the trend of de -globalization and de -risk is worrying, which will hinder economic growth, restrict market access and destroy existing supply chains.However, he pointed out that the possibility of comprehensively decoupling has decreased due to the recent situation of geopolitical tensions.

However, Philipp Hildebrand, the vice chairman of the President of the Swiss Central Bank, believes that this change is enough to change the global economy and the way to open the economic crisis in the future.

Hildebrand said that trade fragmentation, population aging, and moving towards "net zero" means that many countries will face serious supply restrictions."This means that even if the inflation rate reaches 2%, we will constantly encounter viscous inflation."

Former Israeli central bank governor, Jacob Frenkel, said that the central bank should not be caught by another inflation as after the epidemic.

"Is the impact permanent or temporary, and the problem of this problem itself is wrong. The responsibility of the governor of the central bank is to ensure that the impact of the system is temporary because the central bank takes the actions," Frenkel said."If these shocks become permanent, it means that your job is not in place."

Philip Lowe, a former Australian central bank governor just stepped down in mid -September, said the situation in the next few years will be "more difficult."

"I think we will see a larger inflation variable than in the past 30 years," he added that the world is in the first stage of the global price fluctuations.

"This is why the current inflation test is so important, we must pass it," Lowe said."The central bank must convince people that inflation will soon return to the target level. If you can't do it, then when inflation deviates from the target -there will be many examples in the future -people will not believe that inflation will fall, which will beMake "work more difficult".

LOWE pointed out that he hopes that most central banks have done enough, but worry that "they have not yet, we have become more important to pass this first inflation test."