坚持稳健的货币政策需要合理调节市场流动性——央行没有如期降准不代表货币政策转向

To Pursue the Prudent Monetary Policy We Need Adjust Market Liquidity Reasonably——The central bank fail to lower the reserve requirement ratio as expected doesn’t mean a change of the monetary policy

中央对货币政策的定位一直是'稳健的货币政策要松紧适度',没有变化。这种政策定位是理性的,有利于应对复杂多变的内外部形势。但是,及时预调微调市场的流动性,是保持'松紧适度'的应有之义。本文认为,判断央行的货币政策走向,不能拘泥于央行某一个政策工具(无论是数量型还是价格型)的运用,而要通过央行确立的价格型货币政策框架来系统分析。

The central government has never changed the prudent monetary policy orientation. It is rational to deal with complex circumstances. However, to pursue a prudent monetary policy appropriately we should adjust the market liquidity flexibly. When we analyze the central bank’s policy attitude, we cannot get too close to a certain policy instruments(quantitative or price-based), but use the price-based monetary policy framework established by the central bank systematically.