PBoC governor says China does not need QE
Yi Gang says China has space to carry on with conventional monetary policy
People’s Bank of China governor Yi Gang forcefully restated his view that it should not carry out a quantitative easing programme.
Yi’s paper was published in the September issue of the Journal of Financial Research, which is owned by the PBoC.
Yi said a quantitative easing programme was something that a central bank should use when it had little choice. But China’s economy had a potential annual GDP growth rate of between 5% and 6%. This allowed it to conduct a conventional monetary policy
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