What unconventional monetary policies has China adopted since 2008?

For a long time in the past, China's monetary policy was mainly based on direct regulation, that is, using tools such as credit scale and cash plan. After 1998, the loan scale control was cancelled, and the total money supply was mainly regulated by indirect monetary policy tools. At present, China's monetary policy tools mainly include open market operation, deposit reserve, refinancing and rediscounting, interest rate policy, exchange rate policy and window guidance. Generalized monetary policy tools, also known as fixed-term and conventional monetary policy tools, are the three traditional monetary policy tools, commonly known as deposit reserve policy, rediscount policy and open market business. 1. Deposit reserve policy. The deposit reserve policy means that the central bank sets the deposit reserve ratio for the deposits of commercial banks and other monetary institutions, and forces commercial banks and other monetary deposit institutions to pay the deposit reserve in accordance with the prescribed ratio; The central bank adjusts the statutory deposit reserve to increase or decrease the excess reserve of commercial banks, thus affecting the money supply. 2. rediscount policy. Rediscount policy is a means for the central bank to influence the credit scale and market interest rate of commercial banks by raising or lowering the rediscount rate, so as to achieve the goal of monetary policy. 3. Open market business. The so-called "open market operation" (also known as "open market operation") refers to a monetary policy means by which the central bank publicly buys and sells securities in the financial market in order to change the reserves of deposit-taking monetary institutions such as commercial banks, thus affecting the money supply and interest rates and achieving monetary policy objectives. On the evening of July 2 1 2005, the People's Bank of China issued an announcement on improving the reform of RMB exchange rate formation mechanism: 1. From now on, China began to implement a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies. The RMB exchange rate is no longer pegged to a single dollar, forming a more flexible RMB exchange rate mechanism; 2. On July 2, 2005/KOLOC-0/day/KOLOC-0/9, the exchange rate of RMB against the US dollar appreciated by 2%, and was adjusted to/KOLOC-0/US dollar to 8./KOLOC-0/65438 0 yuan RMB; Third, the daily fluctuation of the RMB exchange rate against the US dollar does not exceed three thousandths. This exchange rate system reform is of great significance for improving the effectiveness of China's monetary policy and the direction of its implementation in the future. The so-called monetary policy refers to the sum of policies and measures that the central bank uses various tools to regulate the money supply in order to achieve specific economic goals, thus affecting the macro-economy. The macroeconomic goals that the central bank hopes to achieve through monetary policy mainly include price stability, economic growth, full employment and balance of payments. The goal of monetary policy is achieved through monetary policy tools. Monetary policy tools cannot directly act on the ultimate goal, and must rely on intermediary indicators. The selection of intermediary indicators should meet five criteria: measurability, controllability, relevance, anti-interference and good adaptability to economic system and financial system. Generally, financial variables such as interest rate, money supply, excess reserve and base currency are selected, and some also include exchange rate. There is still a transmission mechanism for monetary policy tools to achieve the ultimate goal of monetary policy through intermediary indicators, and the length of time lag directly affects the effect of monetary policy. Monetary policy measures since 2000 mainly focus on the following aspects: 1. Actively promote the marketization of interest rates and reform the foreign exchange management system. In order to promote China's interest rate marketization reform and promote economic opening to the outside world, the People's Bank of China decided to implement a new foreign currency interest rate management system from September 2 1. The specific contents are: (1) foreign currency loan interest rate, single US$ 3 million (including 3 million) or large foreign currency time deposit interest rate equivalent to other six major foreign currencies, foreign currency deposit interest rates other than seven major foreign currencies (regardless of the amount) and all foreign currency interest rates among financial institutions shall be determined by financial institutions independently; (2) The interest rates of the seven foreign currency small deposits shall be uniformly formulated by the banking association and uniformly implemented by all financial institutions. 2 actively promote the construction of personal credit system, the implementation of savings real-name registration system. In order to standardize the savings behavior and promote the construction of personal credit system, the People's Bank of China decided to implement the savings deposit real-name registration system from April 1 day. 3. Encourage commercial banks to innovate financial business varieties. /kloc-In February of 0/4, the People's Bank of China and the China Securities Regulatory Commission jointly issued a document, promulgating the Measures for the Administration of Pledged Loans of Securities Companies, allowing commercial banks to obtain loans from securities companies by way of stock pledge. 4. Strengthen credit policy guidance and guide the flow of funds. In April, the People's Bank of China issued a document, allowing financial institutions other than the Postal Savings and Exchange Bureau to open "educational savings deposits", exempt from interest income tax; In August, the "Measures for the Implementation of Student Loans" was announced; In June, it issued a joint document with the State Economic and Trade Commission, requiring all commercial banks to support the superior and limit the inferior in strict accordance with the requirements of the national industrial policy, restrict or prohibit loans to eliminate backward production capacity, industries, products and redundant construction projects, and promote economic restructuring and optimization. In September, in view of some problems existing in the implementation of closed loans, the Notice on Insisting on the Conditions of Closed Loans and Strictly Controlling the Issuance of Closed Loans was issued, demanding that the conditions of closed loans be strictly controlled to prevent risks. 5. Actively promote the construction of the money market. Approved the second batch of securities companies to enter the inter-bank market to engage in financing business. In June, in order to develop the money market and broaden the financing channels of financial companies of enterprise groups, financial companies were allowed to enter the national interbank lending market and bond market. 1October 9th, 165438 The bill business department of Industrial and Commercial Bank of China, the first professional bill business organization in China, was approved to start business, which is conducive to promoting the development of bill business, forming a national unified bill market and providing a broad space for the rediscount operation of the central bank. 6. Improve rural financial services, support rural economic development, and guide and standardize folk credit. In July, it was decided to return the postal savings funds at or below the county level to the rural credit cooperatives in the form of re-loans, focusing on supporting the credit input of rural credit cooperatives to farmers, rural areas and agricultural production, and focusing on issuing farmers' loans to meet farmers' reasonable capital needs such as planting and breeding, processing and transportation of agricultural and sideline products, and rural consumer credit in time. In February, 65438, the Opinions on Improving Rural Financial Services and Banning Private Lending with High Interest was issued, which proposed that on the one hand, we should speed up the reform of rural financial system, establish and improve rural system, operation mechanism, management system and service mode that meet the requirements of rural economic development, strengthen support for farmers, agriculture and rural economy, and increase credit input to rural areas, on the other hand, the ultimate goal of monetary policy refers to the final implementation effect expected by monetary policy makers. (1) Stabilize prices. This is one of the goals of macro-control in most countries in the world, and it is also one of the ultimate goals that monetary policy often highlights. It means that the central bank keeps the price level at a basically stable level through the implementation of monetary policy. (2) Full employment. The so-called full employment means that the unemployment rate is reduced to an acceptable level, that is, anyone who has the ability and willingness to work can find a suitable job at any time. (3) Economic growth. Maintaining economic growth is the goal pursued by all governments. In order to promote economic growth and alleviate the depression caused by cyclical economic crisis, western countries often maintain a high investment rate by implementing monetary policy to promote economic growth. (4) Balance of payments. Achieving balance of payments means that a country can maintain good foreign exchange reserves to ensure the normal operation of foreign economic activities.