No devaluing the money people have in their hands

YI GANG, GOVERNOR OF THE PEOPLE’S BANK OF CHINA, the country’s central bank, said in a recent article published in the Party’s flagship magazine Qiushi that China will implement prudent monetary policy and “will not let the money in the ordinary people’s hands devalue”. China Daily writer Wang Yiqing comments:

It’s an appropriate choice for China to maintain a prudent monetary policy. Yi’s article clearly points out that China will not resort to competitive measures like zero interest rates or a quantitative easing policy despite such a tendency among the major economies; instead the country will endeavor to keep its currency stable.

Just as Yi said in his article, developing the financial industry should not just copy the practices of foreign countries. China’s monetary policymaking has learned from the experiences of not only other major economies but also itself in the past few years.

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