央行行长易纲：货币政策将继续从总量上发力以支持经济复苏
央行行长易纲接受中国国际电视台（CGTN）记者专访时表示，中国的货币政策一直是与支持实体经济发展相适应的。广义货币M2和社会融资增速与名义GDP增速基本匹配，保持流动性合理充裕，支持中小企业发展以实现就业最大化目标。过去十年来，中国的市场利率水平稳中有降。自然利率水平主要由资本边际产出率和人口长期发展趋势所决定。中国利率形成机制是由市场供求决定的，中央银行通过运用货币政策工具引导市场利率。目前定期存款利率约1-2%，银行贷款利率约4-5%，同时债券和股票市场较为有效地运行。考虑到通胀水平，可以看出实际利率水平是相当低的，金融市场得以有效配置资源。我国实行的是灵活的、以市场供求为基础，参考一篮子货币进行调节的汇率制度。与20年前相比，人民币对美元汇率升值约25%，对一篮子货币的名义汇率升值约30%，实际汇率升值幅度更高。中国的通胀前景较为稳定，CPI同比增长2.1%，PPI同比增长6.4%。保持物价稳定和就业最大化是我们的工作重点。今年以来，受疫情和外部冲击等影响，中国经济面临一定下行压力。货币政策将继续从总量上发力以支持经济复苏。同时，我们也会强调用好支持中小企业和绿色转型等结构性货币政策工具。
中国人民银行行长易纲接受中国国际电视台（CGTN）记者专访
Recently, Governor Yi Gang of the People’s Bank of China (PBOC) was interviewed by China Global Television Network (CGTN) on issues related to mobilizing the financial system to support green transition, climate information disclosure, international cooperation in green finance and monetary policy. The transcript of the interview can be found below.
近日，中国人民银行行长易纲就金融支持绿色转型、绿色信息披露、绿色金融国际合作、货币政策等问题接受了中国国际电视台（CGTN）记者专访，以下为采访实录。
CGTN: Green transition requires massive capital, and the financial system can play an important role in this process. In recent years, what measures has the PBOC taken to encourage financial institutions to support green transition?
记者：绿色转型需要大量资金投入，金融体系可在其中发挥重大作用。近年来，人民银行推出了哪些措施，鼓励金融机构支持绿色转型？
Yi Gang: Central banks can play a very important and positive role in green transition. The international community has reached a consensus about this.
As far as monetary policy is concerned, the first and the most important mandate for central banks is to maintain price stability. Having said that, some central banks still have room to pay attention to structural issues to facilitate green transition, where structural monetary policy could play a role.
To facilitate green transition, the People's Bank of China has done a lot. The People's Bank of China included high-quality green bonds and loans as qualified collateral to the Medium-term Lending Facility in 2018. Last year, we launched two new monetary policy instruments, namely carbon emission reduction facility and special central bank lending facility for green and efficient use of coal, both of which provide funds to qualified commercial banks at a low interest rate of 1.75%.
As of the end of May, the People's Bank of China has provided over 210 billion yuan through the two facilities to financial institutions, which reduced emission by over 60 million metric tonnes of carbon dioxide equivalents, accounting for about 0.6% of China's annual carbon emission.
Moreover, the People's Bank of China issued Green Finance Evaluation Guidance in May 2021, incorporating green loans and green bonds into financial institutions' performance rating, providing the right incentives.
These incentives have helped accelerate green financing. As of March 2022, outstanding green loans in China exceeded 18 trillion yuan, posting a rapid increase. Outstanding green bonds reached about 1.3 trillion yuan, one of the largest in the world.
In conclusion, central banks can do something to help in green transition. It is important to make the whole society aware of the benefits of green transition.
易纲：央行可以在绿色转型中发挥重要和积极作用，对此国际社会已有共识。
就货币政策而言，央行首要和最重要的职责是维护价格稳定。话虽如此，一些央行仍有政策空间，通过结构性货币政策促进绿色转型。
