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
The market interest rate has been stable and trending downward in the past 10 years. The natural interest rate is mainly determined by the marginal productivity of capital and long-term demographic trend.
In China, interest rates are determined by market supply and demand, and the central bank guides market interest rates with monetary policy instruments. Currently, the time deposit rate is 1-2%, and bank loan rate is about 4-5%, and the bond market and the equity market function well. After taking into account of inflation, you can see the real interest rate is pretty low. The financial market makes an efficient allocation of resources.
We have a flexible and market-determined exchange rate system using a basket of currencies as reference. Compared to 20 years ago, RMB has appreciated against the USD by 25%, and appreciated against a basket of currencies by about 30% in nominal terms. The appreciation in real terms is even more.
Inflation outlook is stable in China. Right now, consumer price index is 2.1% and producer price index is about 6.4% on the year-on-year basis. Maintaining price stability and maximizing employment are our high priorities.
This year, we face some downward pressures of growth due to COVID-19 and external shocks, and the monetary policy will continue to be accommodative to support economic recovery in aggregate sense. At the same time, we also emphasize structural policies such as supporting small- and medium-sized enterprises and green transition.
易纲：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。
