中国的货币政策将更稳健

 BEIJING, April 18 (Xinhua) -- Given the changes to its economy and financial market, China's monetary¹ policy will maintain a certain degree of looseness in the coming months, but "prudence²" will feature more prominently than last year.

Positive signs are converging³, boosting sentiment that the slowdown in the Chinese economy may be bottoming out.

In March, exports logged a sharp recovery, the official index tracking factory activity returned to growth for the first time since July 2015, and foreign exchange reserves posted their first monthly increase since November. For the first quarter (Q1), the economy also saw better-than-expected growth in retail⁴ sales, industrial output and fixed⁵ asset investment.

The accommodative policies have played a crucial role in achieving such an encouraging performance and created room for structural⁶ reforms.

China monetary policy to feature more prudence

The central bank has lowered interest rates six times since November 2014 and slashed⁷ the reserve requirement ratio (RRR) for banks.

China will continue to implement⁸ a prudent⁹ monetary policy this year, and, in the context of the economic slowdown, top officials have described the prudent policy as one "with a slight easing bias¹⁰."

As the economy is yet to fully¹¹ restore its strength, China will not shy away from using the ample tools at its disposal to bolster¹² the economy. But it will be more careful to prevent the easing from going too far.

Signs of pickup¹³ in inflation would limit room for easing, after the consumer price index (CPI) in February rose at its fastest pace in more than a year. Even unchanged in March, CPI is likely to see a modest rise.

To stop real interest rates from stepping into negative territory, the central bank is faced with less room for rate cuts.

As the renminbi exchange rate has stabilized¹⁴ recently and expectations for a U.S. Fed rate hike have reduced, capital outflow has abated¹⁵, thereby¹⁶, reducing the pressure for further RRR cuts.

From a longer perspective, it is necessary for the central bank to unleash¹⁷ liquidity¹⁸, against a backdrop of a shrinking foreign exchange reserves, to provide a neutral monetary environment.

However, China's overall financial market this year will mean the People's Bank of China, which has pumped enormous sums of cash into the market since the end of 2014, more prudent in loosening its policy.

Take bank loans for example. New loans extended by banks jumped to 4.61 trillion yuan (711 billion U.S. dollars) in Q1, nearly one trillion yuan more than the same period last year. ( In addition, some of the cash, instead of supporting the real economy, ended up in the stock and bond markets, raising the risks of bubbles in the capital market, and leading some to reflect on the limitations of the easing policy and the drawbacks of aggressive loosening.

Under pressure to prop¹⁹ up the economy, monetary policy should be used to inject life into the real economy. However, excessive liquidity can bring risks. This is why "flexibility²⁰" and "appropriateness" have become the more salient features of monetary policy this year.

China should be flexible when implementing²¹ the appropriate monetary policy and maintain reasonably ample liquidity, central bank governor Zhou Xiaochuan said at a meeting in Washington over the weekend.

Highlighting "prudence," the authorities will be more cautious when cutting interest rates or RRR, and turn to more low-profile monetary tools, such as the medium-term lending facility (MLF), to steer²² the economy.

As the marginal effect of monetary policies are diminishing, fiscal²³ policies will become more proactive and play an increasing role in promoting growth and supply-side structural reforms.

China is equipped to do so, as the country's government debt, local debt included, accounted for about 50 percent of its gross domestic product, a very safe level according to international standards.

China is taking steps to implement more forceful fiscal policies including increasing its deficit²⁴ and reducing taxes, Finance Minister Lou Jiwei said at a G20 meeting over the weekend.

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 prudence   

n.谨慎，精明，节俭

参考例句：

• A lack of prudence may lead to financial problems.不够谨慎可能会导致财政上出现问题。
• The happy impute all their success to prudence or merit.幸运者都把他们的成功归因于谨慎或功德。

3 converging   

adj.收敛[缩]的，会聚的，趋同的v.（线条、运动的物体等）会于一点( converge的现在分词 )；（趋于）相似或相同；人或车辆汇集；聚集

参考例句：

• Plants had gradually evolved along diverging and converging pathways. 植物是沿着趋异和趋同两种途径逐渐演化的。 来自辞典例句
• This very slowly converging series was known to Leibniz in 1674. 这个收敛很慢的级数是莱布尼茨在1674年得到的。 来自辞典例句

4 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

5 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

6 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

7 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

8 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

9 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。

10 bias   

n.偏见，偏心，偏袒；vt.使有偏见

参考例句：

• They are accusing the teacher of political bias in his marking.他们在指控那名教师打分数有政治偏见。
• He had a bias toward the plan.他对这项计划有偏见。

11 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

12 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

13 pickup   

n.拾起，获得

参考例句：

• I would love to trade this car for a pickup truck.我愿意用这辆汽车换一辆小型轻便卡车。||The luck guy is a choice pickup for the girls.那位幸运的男孩是女孩子们想勾搭上的人。

14 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》

15 abated   

减少( abate的过去式和过去分词 )； 减去； 降价； 撤消（诉讼）

参考例句：

• The worker's concern about cuts in the welfare funding has not abated. 工人们对削减福利基金的关心并没有减少。
• The heat has abated. 温度降低了。

16 thereby   

adv.因此，从而

参考例句：

• I have never been to that city,,ereby I don't know much about it.我从未去过那座城市，因此对它不怎么熟悉。
• He became a British citizen,thereby gaining the right to vote.他成了英国公民，因而得到了投票权。

17 unleash   

vt.发泄，发出；解带子放开

参考例句：

• They hope to create allies to unleash against diseases,pests,and invasive species.他们希望创造出一些新群体来对付疾病、害虫和一些有侵害性的物种。
• Changing water levels now at times unleash a miasma of disease from exposed sewage.如今，大坝不时地改变水位，从暴露的污水释放出了疾病瘴气。

18 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

19 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

20 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

21 implementing   

v.实现( implement的现在分词 )；执行；贯彻；使生效

参考例句：

• -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
• He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句

22 steer   

vt.驾驶，为…操舵；引导；vi.驾驶

参考例句：

• If you push the car, I'll steer it.如果你来推车，我就来驾车。
• It's no use trying to steer the boy into a course of action that suits you.想说服这孩子按你的方式行事是徒劳的。

23 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

24 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。