货币政策审慎灵活格调下的平衡之道（Monetary policy a balanced approach under prudent and flexible style）.doc

货币政策审慎灵活格调下的平衡之道（Monetary policy a balanced approach under prudent and flexible style） Some economists believe that positioning in the prudent and flexible, the focus is still the economic growth target work, but with the change of economic situation, flexible to fine tune monetary policy specific operation will become the norm. In addition, in the background of global liquidity under the main monetary policy next year will be the inflow of hot money continues to resist, raising the deposit reserve ratio will be the answer, but interest in the role in the control of prices and curb credit demand will be lower than expected, is expected next year only 2-3. After two years of moderate easing, the tone of monetary policy returned to prudent. In different periods, the word steadiness has very different policy implications. Looking back on the prudent period of monetary policy from 1998 to 2007, the policy orientation has undergone a cycle from loose to neutral and then turned to deflation. Looking forward to next years policy orientation, taking into account the economic downside risk inertia thinking, some of the next years policy indicators may be only neutral micro income.. Next years new lending scale is not less than 7 trillion yuan, while the upper limit is not more than this years actual new loan scale. As for the current credit situation, new loans this year will be controlled at around 7 trillion and 800 billion yuan. But in the context of a lower probability of a lower two dip and continued easing of global liquidity next year, this trend may increase the risk of bubbles and inflation. How to balance the relationship between stable and rapid economic growth, adjusting the economic structure and managing inflation expectations? In 2011, it will become an important subject to test the art of regulation and control by monetary authorities. Some economists believe that positioning in the prudent and flexible, the focus is still the economic growth target work, but