十三届全国人大一次会议新闻中心3月9日上午举行记者会，邀请中国人民银行行长周小川，副行长易纲，副行长、国家外汇管理局局长潘功胜就“金融改革与发展”相关问题回答中外记者提问。以下为文字实录：
At the press conference organized by the Press Center of the First Session of the Thirteenth National People’s Congress on March 9th, Mr. Zhou Xiaochuan, Governor of the People’s Bank of China, Mr. Yi Gang, Deputy Governor of the PBC, and Mr. Pan Gongsheng, Deputy Governor of the PBC and Administrator for the State Administration of Foreign Exchange answered questions from the domestic and international press on the topic of financial reform and development. Here is the transcript:
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主持人：各位记者朋友们，大家上午好，欢迎参加十三届全国人大一次会议的记者会。今天的记者会主题是“金融改革与发展”。今天我们非常高兴地邀请到中国人民银行行长周小川同志，副行长易纲同志，副行长、国家外汇管理局局长潘功胜同志，请三位行长围绕“金融改革与发展”这个主题回答大家的提问。下面开始提问。
Moderator: Friends from the press, good morning! Welcome to the press conference of the First Session of the Thirteenth National People’s Congress on the topic of Financial Reform and Development. We are delighted to have Mr. Zhou Xiaochuan, Governor of the People’s Bank of China, Mr. Yi Gang, Deputy Governor of the PBC, and Mr. Pan Gongsheng, Deputy Governor of the PBC and Administrator for the State Administration of Foreign Exchange to answer your questions on the topic.
路透社记者：2017年在金融去杠杆的背景下，中国非金融企业贷款加权平均利率上升0.47个百分点，企业融资成本的上升是否会影响经济发展？在高借贷成本可能影响经济增长的情况下，今年央行是否仍将跟随美联储脚步提升利率？中国政府是否将放松对资本外流的管制？在设定人民币中间价时，是否会完全取消使用逆周期因子？谢谢。
Reuters: China’s financial deleveraging in 2017 has led to a 0.47-percentage point increase in weighted average loan interest rate for non-financial enterprises. Will the rising cost of financing have any impacts on the economy? Will the PBC follow the Federal Reserves in raising interest rates? Is the Chinese government going to loosen its regulation on capital outflow? Will the central bank completely remove countercyclical factors in setting the CNY central parity rates? Thank you.
周小川：全球经济在金融危机中经过这么多年艰难曲折的复苏，终于现在在全球多个地区都出现了复苏的迹象，因此，很多重要国家的货币政策从数量宽松慢慢退出。首先这是一个好事，这个好事也意味着过去全球范围内的数量扩张和低利率可能逐渐将告一阶段。中国也是整个世界经济的一部分，这个方面的影响大家应该可以预估到。
Zhou Xiaochuan: After years of lackluster recovery from the crisis, the world is finally witnessing synchronized recovery in multiple regions. Major economies are unwinding their quantitative easing in monetary policy. This is good news as it means that expansionary monetary policies and low interest rates will gradually come to an end. As China is part of the global economy, it is easy to estimate the impact on us.
周小川：另外，从中国的角度来讲，增长方式也是在转变。我们现在强调经济是一种新常态，是从过去追求数量型增长转向追求高质量增长。所谓过去数量型增长的旧常态，就是有很多事情也是靠资金堆积，资金投放比较大，所以就能够刺激经济增长。这种方式的转变也表明未来经济的增长依靠数量堆积会减少。
Zhou Xiaochuan: At the same time, China is shifting to a new growth model. China’s economy is in a new normal now and has been transitioning from a phase of rapid growth to a stage of high-quality development. In the past, growth focused on volume expansion and was stimulated by massive investment. The transition means we will be less dependent on volume expansion.
周小川：但从另一个方面来讲，我们也要看到，中国广义货币的总量在经济体中已经相当大，在追求质量型增长的时候，就有可能减少过去大量依靠资金支持的这种增长方式。所以，实际上整个中国经济体里的广义货币这个池子里的钱可以用得更有效率，一旦用得更有效率以后，也并不见得就是说资金就紧张。应该说，在这个过程当中既要看到整个资金上数量和价格有上升趋势的一面，同时也要看到它也有提高效益和价格下降的一面。在这种情况下，在货币政策上和外汇政策上，都有相应的政策响应。
Zhou Xiaochuan: We should also notice that the broad money is quite large relative to the size of our economy. In transition to a stage of high quality growth, we might reduce the reliance on investment. This means broad money can be used more efficiently, and it does not necessarily lead to tight liquidity. During the transition, while the quantity and pricing of the liquidity may be on the rise, efficiency will be improved and the overall price will be on a downward trend. Under such circumstances, we will make proper policy responses in terms monetary and foreign exchange policies.
易纲：我们监测到，去年年底贷款利率是同比上升了0.4个百分点，看去年的物价CPI是1.6，PPI是6.3，GDP的平减指数大概是CPI和PPI的加权平均。这么看，我们的实际利率是稳定的，我们不仅仅要看名义利率上升了0.4个百分点，还要看实际利率，实际利率是稳定的，和经济走势是相一致的。资金面上供给，也是比较平衡的。
Yi Gang: According to our statistics, at the end of last year, the lending interest rate increased 0.4 percentage point year on year. Last year, the CPI and PPI was 1.6 and 6.3 respectively, and the GDP deflator was about the weighted average of CPI and PPI. In this context, the real interest rates have been stable. Despite the 0.4-percentage point rise in nominal interest rate, the real rate was stable and well-aligned with the economy. Supply and demand of liquidity is also balanced.
至于你说的美联储将加息这个问题，我们看中国的货币政策主要是依据国内经济和金融形势，我们要进行综合考量。同时，跨境资金流动是比较平衡的，在这方面我们要继续推进资本项目平稳的可兑换，同时也要防范风险。谢谢！
As for the expected rate hikes by Federal Reserve, our monetary policy decision is made based on domestic economic and financial situations and a result of comprehensive considerations. Also, the cross-border capital flow is balanced. We will continue to push forward the capital account convertibility and keep risk prevention in mind. Thank you.
潘功胜：刚才，在你的问题当中提到下一步关于外汇管理方面措施的问题。大家知道，我国的外汇市场曾经在一段时间经历了高强度的风险和冲击。我们通过一些宏观审慎管理政策对跨境资本流动进行逆周期调节，比如采取全口径外债宏观审慎管理，征收银行远期售汇风险准备金，对境外机构境内存款执行正常的存款准备金率，人民币兑美元中间价报价模型中引入逆周期因子等。
Pan Gongsheng: You asked about the next-step measures of foreign exchange management. As you know, our foreign exchange market experienced significant shocks and faced with huge risks. Therefore, we took certain macro-prudential measures to make counter-cyclical adjustments on cross-border capital flows. For example, we implemented macro-prudential management on full coverage external debt, required banks to set aside risk reserves on forward sale of foreign exchange, applied normal reserve requirement on the onshore deposits of RMB business participating banks in their correspondent banks, and introduced countercyclical factors to the USD-CNY central parity rate model.
潘功胜：另一方面，在2017年年中，我们四个部委对外发布了《关于进一步引导和规范境外投资方向指导意见的通知》，中国的对外直接投资政策已经非常公开化和透明化。在过去几年当中，在外汇管理微观市场监管上，我们按照中国现行的法律和外汇管理政策，加强了外汇市场微观监管，管理的着力点主要是打击虚假欺骗性交易，打击地下钱庄，加强跨境收支的真实性申报，加强金融机构的合规性监管等。需要强调的是，这些微观监管措施不会因周期变化而发生改变，它会保持在不同周期的标准一致性和稳定性。谢谢。
Pan Gongsheng: On the other hand, in mid-2017, the PBC and three other ministries jointly released the Notice on Guidelines of Guiding and Regulating Overseas Investment. China’s overseas direct investment policies are now highly open and transparent. In the past few years, we have strengthened micro-supervision on the foreign exchange market in accordance with current laws and policies of foreign exchange management, focusing on the cracking down on false and fraudulent transactions and underground banks. We have enforced the authenticity reporting requirement for cross-border transfer, and strengthened compliance supervision over financial institutions. It is worth mentioning that these micro-supervision measures will not be altered in response to cyclical changes, and they will remain consistent and stable in different cycles. Thank you.
金融时报、中国金融新闻网记者: 我们知道近年来，金融领域的对外开放程度是越来越高了，今年的《政府工作报告》进一步提到要有效地开放银行卡清算市场，放开外资保险经纪公司经营范围限制，放宽或取消银行证券、基金管理、期货、金融资产管理公司等外资股比限制，还有统一中外资银行的市场准入标准。请问，下一步对于金融业的对外开放央行有什么具体的打算？谢谢。
Financial News: In recent years, China’s financial sector has continued to open up to the outside. The central government said in this year’s Report on the Work of the Government that it would open up the bankcard clearing market, lift restrictions on the business scope of foreign-invested insurance brokerage, ease or remove restrictions on the ceiling of foreign share holding in banks, securities companies, fund asset management firms, futures companies, and financial asset management institutions, and have unified market access standards for both domestic and foreign banks. My question is, what are the specific measures that the PBC will take in further opening up the financial sector? Thank you!
周小川：您刚才自己也说出来了，关于在市场准入方面的对外开放，应该说市场准入方面的对外开放也是准备很多年了。中国实际上从90年代后期在准备加入WTO的时候，就开始酝酿在市场准入方面扩大对外开放，当时有亚洲金融风波，这个步伐在一度情况下稍微慢了一些。随后中国加入了WTO，在市场准入方面实现了一定程度的对外开放。实际上在加入WTO若干年后，我们也在准备，要进一步扩大开放，但是不巧后来又遇到了全球金融危机。现在，我们进入新的阶段后，确实在市场准入方面对外开放可以胆子大一些，开放的程度更高一些。
Zhou Xiaochuan: As you said, regarding market access, we have prepared for the reform for many years. Since the late 1990s when we were preparing for the accession to the WTO, we thought about opening up market access, but the process was slowed down due to the Asian financial crisis. After China became a member of the WTO, progress was made in market access to a certain degree. And as greater access was planned several years after our WTO accession, unfortunately the global financial crisis broke out. Now that we have entered a new era, it is reasonable to make bolder moves to further open up our market.
周小川：另外，除了允许外面的机构在中国办金融业务以外，对外开放还是一个更广义的内容。其中也包括中国的金融机构走向全球。这些年，中国的金融机构在全球各个地方也设立更多的分支机构和子行，开展了越来越多的业务，和其他国际的金融机构有很多很好的合作，也存在竞争的关系。其中一个重要的因素，就是人民币的国际化。人民币国际化也促进了中国整个金融的对外开放。当然，除了人民币可以“走出去”以外，我们金融市场的其他方面也有重要的开放步伐。
Zhou Xiaochuan: Opening up is a broad concept that is not only about allowing foreign institutions to do business in China, but it is also about Chinese financial institutions going to the global market. In recent years, Chinese financial institutions have established branches and subsidiaries around the world and expanded their operations. There is friendly cooperation and competition between Chinese financial institutions and international counterparties. An important factor behind these changes is RMB internationalization, which facilitated the overall opening up of the financial sector. Of course, in addition to international use of RMB, there are further important opening up measures in other areas of financial market.
周小川：在最近已经过去的五年里，我们有“沪港通”，后来又有“深港通”、“债券通”，这些都是金融市场上的对外开放。这些开放，也意味着中国在货币可兑换方面逐渐迈出坚实稳定的步伐。预计这种开放的趋势还会继续加大。在政策上来讲，我们多数该研究的政策都已经研究过了，逐步寻找时机稳步向前推进。对外开放也是实体、金融机构、金融市场参与者在开放的环境中逐渐成长，逐渐在开放中体会自己的角色、发挥作用和体会国际竞争的过程。
Zhou Xiaochuan: In the past five years, we’ve established the Shanghai-Hong Kong Connect, followed by Shenzhen-Hong Kong Connect and Bond Connect, all of which as measures of opening up in the financial market. By taking these measures, China has made solid progress in RMB convertibility, and we expect this to continue. From the policy perspective, we have conducted researches on most of the policies that ought to be studied and are looking for opportunities to gradually move forward. Opening up is a process that entities, financial institutions and market participants can learn to be more sophisticated in an open environment, figure out and play their roles, and take part in international competition.
易纲：我再补充两点：一是党中央、国务院高度重视金融业对外开放相关工作。党的十九大报告指出，开放带来进步，封闭必然落后。所以，我们要落实中央的精神。习主席在中央财经领导小组第16次会议和第五次全国金融工作会议上也强调，扩大金融业对外开放是我们对外开放的重要方面，要积极稳妥扩大金融业对外开放，安排合理的开放顺序。所以，我们人民银行和金融业要落实党中央、国务院的对于金融开放的部署。
Yi Gang: I would like to make two comments. First, the Central Committee of the CPC and the State Council give priority to financial opening up. It was pointed out in the Report of the 19th CPC National Congress that Openness brings progress, while self-seclusion leaves one behind. We have to take it into action. President Xi stressed at the 16th Session of the Central Leading Group on Financial and Economic Affairs and the 5th National Financial Work Conference that further opening up in financial sector is an important part of the opening up policy, we will make active and steady arrangement on it, and properly set the priorities. The PBC and the financial institutions will earnest follow the overall arrangements of the Central Committee of the CPC and the State Council and implement measures to open up the financial sector.
易纲：二是放宽或取消外资一些股比限制。实际上这是减少了对外资机构的歧视性待遇，体现了内外资一视同仁，这并不意味着放松监管。外资金融机构要准入或者开展业务的时候，依然要按照相关的法规进行审慎监管，这样我们通过加强金融监管，完善配套监管机制，我们仍然可以有效地防范和化解金融风险，维护金融稳定。谢谢！
Yi Gang: Second, we will ease or lift restrictions on the share of foreign equity in financial institutions. This is to reduce the discriminative measures against foreign institutions and to give equal treatment to overseas and domestic institutions. It does not mean to ease regulation. Foreign institutions are subject to prudential supervision when they plan to enter the market or start operation in China. Therefore, we are still able to effectively prevent and resolve financial risks and maintain financial stability by strengthening financial regulation and improving regulatory mechanism. Thank you.
中国国际广播电台和国际在线记者: 央行刚刚发布了2月份外汇储备的数据，请问为什么外汇储备在经历了十几个月的增长之后突然出现下降，这是否意味着外汇市场的形势会有较大的变化？谢谢。
China Radio International and CRI Online: The PBC recently released the February foreign exchange reserves statistics. Why was there a sudden drop in the reserves after growth that had lasted for over ten months? Does this mean there will be big changes in the foreign exchange market? Thank you.
周小川：外汇储备的数量，这个数字在会计上是有很多学问的。第一，我们现在外汇储备还是以美元来计算的。中国老早就建议将来世界各国是不是可以以SDR来计算，因为用美元来计算，美元升了或者贬值了的话，外汇储备里其他的货币成份，比如欧元、日元其他成份折算成美元的时候就变了。所以，你可以注意最近一段时间由于美元的变化，而且美元的变化有一些也是美国自己的一些政策所导致的波动，引起了美元有一点回升，这个美元升值以后，日元和欧元的成份折算成美元的时候就变少了。所以，外汇储备加总就会有所减少。
Zhou Xiaochuan: There is a lot to talk about when it comes to accounting of foreign exchange reserves. First, our foreign exchange reserves figures were USD equivalent. We have long suggested that countries should use SDR equivalent in the future; the USD equivalent of Euro, Japanese Yen, or none-dollar denominated reserves would fluctuate as US Dollar exchange rate goes up and down. You have notices the recent volatility of USD which was caused by US domestic policies, and it appreciated moderately. In turn this has led to a decrease in the USD equivalent of Yen and Euro denominated reserves. That is a factor to explain why total foreign exchange reserves went down.
周小川：第二，在外汇储备中，有很多项目按照当前的会计准则都是叫“盯市”（mark to market）计算，外汇储备投资的债券、股票和其他的这一类资产，它会随市场变化发生价值变化。大家知道前一段时间，可能有一些资产涨得很厉害，涨到头以后就会有下跌，一旦下跌的时候，按照“盯市”法计算的时候，储备数量就有所减少。这可能是最近变化的最主要因素。当然，可能还有一些其他的因素。但是，从中国国际收支平衡和外汇形势来讲，都没有任何重要的变化。
Zhou Xiaochuan: Second, many items of the foreign exchange reserves are using “mark to market” value based on current accounting standard. So the market value of bonds, equities, and other assets in the foreign exchange reserves invested portfolios can be quite volatile. As we all know, starting from a while ago, some asset prices plunged after soaring to recent highs. Once the prices went down, the mark to market value of foreign exchange reserves shrank. This is probably a key reason of the recent volatility. There may be other reasons as well. However, from the perspective of BOP and foreign exchange fundamentals, there is no significant change.
潘功胜：周行长已经讲得很清楚，我国外汇储备在2017年1月份下降到3万亿，此后持续12个月小幅上升。在今年2月份有微小的下降。我们前天发布了外汇储备的数据，外汇储备下降了270亿美元。
Pan Gongsheng: Governor Zhou’s explanation is very clear. After declining to USD three trillion in January 2017, China’s foreign exchange reserves rose modestly for 12 months and went down slightly this February. According to the latest data released the day before yesterday, it dropped USD 27 billion on February.
刚才，周行长已经讲了原因。第一，有一个汇率折算的问题。2月份美元汇率指数上升了大概1.7%。第二，有一个资产价格的问题。国际市场债券价格指数出现下跌，美国、欧元区和日本股票市场基本上都下跌了4%到5%。主要是这两个因素导致了我们2月份外汇储备规模有所下降。往前看，我国经济基本面比较稳定、稳中向好，汇率也比较稳定，双向波动。未来，我国外汇储备仍然会保持一个基本稳定的水平。
The reasons are as Governor Zhou explained. First is exchange rate fluctuation, the USD index lost 1.7% in February. Second is asset price volatility. International bond price index declined, and stock markets in US, Eurozone, and Japan plunged 4% to 5%. These are the two major factors in the drop of foreign exchange reserves in February. Looking ahead, we expect the fundamentals of China's economy to remain sound with positive signs, and the RMB exchange rate will remain stable while moving in both directions. Thus, we have a good chance to keep foreign exchange reserves stable in the future.
外文局中国网记者：我的问题是，在推动人民币国际化方面，今年会有哪些主要举措？谢谢。
China.com.cn: What measures will be taken to advance RMB internationalization this year? Thank you!
周小川：人民币国际化，应该说主要的政策该研究的都已经研究了，也就是说已经允许在贸易和投资中使用人民币，同时，人民币现在也已经加入了国际货币基金组织的SDR的篮子，主要的步骤该做的都已经做了。应该说，市场参与者在多大程度上愿意使用人民币进行贸易结算和投资，以及用于资产计价，包括一些重要商品、储备，在多大程度上用人民币计价交易，这是一个比较长的过程，也是谁也强制不了谁的，都是他们自愿按照他们的理解来考虑的。所以，今后是一个渐进的过程。
Zhou Xiaochuan: Our policy research has covered all the policies that we can possibly cover. RMB can be used in international trade and investment now, and has been included in the IMF’s SDR currency basket. All the major steps have been taken. I should say that it will take some time before market participants readily choose RMB in trade settlement, investment, and asset denomination, including the denomination of main commodities and reserves. Nobody is in a position to force them to use our currency, as this is a decision for them to make based on their own considerations. Thus, going forward, a progressive process will unfold.
周小川：至于政府方面或者说从央行的角度能够继续推动的事，我觉得一是在资本市场和全球主要资本市场的连通方面，可能还有进一步可以做的事情。这方面大家也已经看到，这些年始终都有一些进展。再有，除了资本市场以外，整个金融市场其他方面的连通也会有所增强。另外，中国是稳步地、渐进地推进资本项目的可兑换，可兑换以后，还存在着一些个别方面的限制，这些限制也会逐步有序放开，放开以后，人民币国际化还能够进一步地向前迈进。谢谢！
Zhou Xiaochuan: As for what measures the government or the PBC can take to facilitate the process, I think, first, we can do something to build better connections between China’s capital market and major global capital markets. There has been ongoing progress in this area in recent years. Second, apart from capital markets, connections in other parts of financial markets will be strengthened, too. In addition, we are steadily advancing capital account convertibility, step by step. After convertibility, the few remaining restrictions will also be lifted gradually. Then, RMB internationalization can be further advanced. Thank you.
彭博社记者：我想问的问题是，在中国新的金融监管架构之中，中国央行将扮演什么样的角色？中国是否会学习英国建立“双峰”监管模式。另外，周行长您去年还曾经对金融风险过度乐观的情绪做出过警告，您当时说金融风险呈现隐蔽性、复杂性、突发性、传染性、危害性的特点。但是，我们看到中国的债务水平并未下降，而是缓慢上升。我们了解到您可能即将卸任了，请问您如何评估当前的债务风险，您是否认为中国已经采取了应当采取的措施来避免您所警告的后果？谢谢。
Bloomberg News: In the new regulatory structure, what role will the PBC be? Will the central bank consider a UK model? Also I’d like to ask a second question. Last October, you warned against the complacency and certain financial risks, which you said were hidden, complex, sudden, contagious, and hazardous. Since then, one of those risks, the outstanding debt, has only increased at a slower pace. This morning we saw some news data showing aggregate financing of 11% again. As you prepare to step down, how would you assess those risks now? And would you say that enough is being done to ward off the problem that you said could happen? Thank you.
周小川：你的问题问的有点多。金融监管体制改革现在还在进行之中，在本次人代会最后几天，可能代表们还要就国家机构改革研究讨论，其中也包括金融机构进一步改革。一些主要的内容，在去年7月份中央金融工作会议所披露的消息里，已经说明了金融改革的一些主要思路，包括其后成立了国务院金融稳定与发展委员会，其办公室放在人民银行，这些都表明人民银行将在新的金融监管框架中起到更重要的作用。现在这个作用，我个人体会，一个是有一些金融监管的空白，过去的监管体制出现了一些空白，这些空白可能需要尽快的弥补。第二个是金融监管有一些规则，也出现了一些缺陷，需要增强金融规则的制定。此外，还有一些已经发生的金融机构或者准金融机构的风险需要抓紧进行处置，维持金融系统的健康。
Zhou Xiaochuan: You asked quite some questions. The financial regulatory structure reform is still underway. During the last days of the National People’s Congress this year, the delegates might exchange views on the national institutional reform, including further reforms of financial institutions. In fact, some key components, and what has been disclosed in the 2017 National Financial Work Conference, already holds the clue to what the financial reform is about. The subsequent establishment of the Financial Stability and Development Committee under the State Council, whose office will be set in the PBC, among other facts, shows that PBC will play important role in the new financial regulatory structure. Based on my understanding, currently the PBC should play roles in the following areas. First, filling the gaps of the financial regulatory structure, those gaps require urgent treatment. Second, there are flaws in the financial regulatory rules and regulations, we should strengthen the rule making for the financial sector. In addition, rapid action should be taken to resolve the risks that have already occurred at financial or quasi-financial institutions, in order to maintain the sound function of the financial system.
周小川：这里的工作其中有一条也是人民银行要牵头，增强各个金融机构特别是监管机构之间的协调，提高协调的效率。这是机构改革的若干个方面。可能大家还需要进一步再看金融机构改革还有哪些内容。当然，我们机构改革还是主要依据中国国情，也参考了国际上各种不同的金融监管机构的设置，参考的过程中也研究了所谓“双峰”监管的体制，但是，我们目前觉得还是要观察一段时间，不是说我们就要采用“双峰”监管的尺度。
Zhou Xiaochuan: There is one thing that the PBC must take the lead, strengthening and improving the efficiency of the coordination among financial institutions, especially financial regulatory authorities; this is one aspect of the institutional reform. You will get a better picture when further measures are announced for the financial institutional reform. Of course, our institutional reform is based on China’s current conditions, and we also learned from international practices of the organizational structure in financial regulation, including the “twin-peaks” regulatory framework used in the UK. But that doesn’t mean that we have decided to adopt the “twin-peaks” model. We should wait and see.
周小川：关于中国整体的债务情况，我们觉得大家已经看到债务增长较快的情况现在已经平稳下来，所以已经进入了稳杠杆的阶段，甚至是说我们广义货币的增长已经低于名义GDP的增长，也就表明，在总量上进入了稳杠杆和逐步调降杠杆的阶段。当然，在这个过程中，你可以观察不同的指标，其中有一条是央行和监管机构共同压缩了“影子银行”的业务，在压缩“影子银行”业务的同时，可能有一部分“影子银行”就回归到银行体系的表内业务，因此，你看不同的债务融资的增长速度是不一样的，甚至有些是负的，你不能拿其中一个指标，就说你看你们还在加杠杆，其实大家应该看到，现在已经进入到稳杠杆和逐步降低杠杆的阶段，这个趋势还是很明确的。谢谢！
Zhou Xiaochuan: Regarding China’s aggregate debt, as you can see, rapid debt growth have stabilized and moderated. We have reached the stage of stabilizing leverage ratio, in which the growth of broad money is already slower than that of nominal GDP. This is an indicator of stabilized leverage and gradually deleveraging at the aggregate level. Of course, you can monitor various indicators during the process, one of which is the shrinking of shadow banking due to actions taken by PBC and regulatory authorities. While we reduced the scale of shadow banking, some shadow banking businesses may have returned to the balance-sheet of the banking system. As we have observed, the growth rate of debt financing varied across categories, some of which is even negative. It is not plausible to pick out one indicator that has gone upward as the proof of rising leverage. In fact, we are already in the stage of stabilizing leverage and gradually deleveraging, as can be observed by many. And this trend is clear. Thank you.
澎湃新闻记者: 2017年以来，多个城市住房信贷政策明显收紧，最近也有反映个人住房贷款额度偏紧、利率上升。请问周行长，今年住房信贷政策还会有什么新的变化吗？目前房地产金融风险的状况如何？请您介绍一下。谢谢。
The Paper News: Since 2017, the housing credit policy has tightened in many cities. Recently, there are complaints about constraints in personal housing credit limit and higher interest rates. Could you tell us if there will be new changes in the housing credit policy this year? What is the state of financial risks in the real estate industry? Thank you.
周小川：请潘行长回答。
Zhou Xiaochuan: I’d like to invite Deputy Governor Pan to answer these questions.
潘功胜：围绕着房地产实际上是有好几个问题。第一个问题，关于住房贷款，最近有一些媒体在说住房贷款的问题和住房贷款利率的问题，认为2017年全国的个人住房贷款增长了4万亿，增长率是22%，人民币整体贷款增长12.7%，个人住房贷款增长了22%。今年1月份，个人住房贷款同比增长21.4%，人民币各项贷款整体贷款增长13.2%，个人住房贷款比整体贷款的增长差不多多了将近10个点。虽然2017年和今年的1月份个人住房贷款的增长有所减少，但是它仍然是比较快的增长，可以满足市场的合理需要。个别的银行在个别的时段由于资产负债匹配方面的问题，出现了放款的时间可能会有所延长的情况，我想是可能的。
Pan Gongsheng: You asked several questions about the real estate industry. The first is about housing loans. Recently there are media reports about housing loans and the mortgage rates, saying that mortgage loans increased by 4 trillion yuan in 2017, or 22% yoy, while the total RMB loans increased 12.7%. This January saw a 21.4% year-on-year increase in mortgage loans, and 13.2% in total RMB loans. The growth rate of mortgage loans is nearly 10 percentage points higher than that of total RMB loans. Despite the moderation in growth of mortgage loans in 2017 and January, they still experienced relatively rapid growth and can satisfy reasonable market needs. In some cases, due to the mismatch of asset and liability, some individual banks may have a longer period in loan approval and extension. I think that is possible.
潘功胜：关于住房贷款利率的问题，的确，房贷利率是略有上升。但大家从稍微长一点的周期来看，它仍然处于比较低的水平。商业银行综合考虑负债端利率上升和房地产的风险溢价，对住房贷款利率自主进行定价，扩大利率的浮动区间，总体上符合利率市场化的要求和趋势。在这方面，人民银行会督促商业银行严格落实差别化的住房信贷政策，对住房贷款执行差别化的定价，积极支持居民特别是新市民购买住房的合理需求。
Pan Gongsheng: With regard to the mortgage rates, it is indeed going up slightly. But from a longer-term perspective, it is still relatively low. Considering the upward trend of interest rate in the liability side and risk premium of the real estate industry, commercial banks independently set the pricing of mortgage loans and expand the floating range. Such a move is in tandem with the trend of interest rate liberalization. In this regard, the PBC will urge the commercial banks to strictly implement differentiated housing credit policies, and use differentiated pricing to support reasonable needs from household, especially from new city-dwellers.
潘功胜：第二个问题，关于房地产金融的风险问题。人民银行长期以来一直坚持审慎的房地产信贷政策，我国的房地产信贷质量总体上良好，房地产金融风险是可控的。我跟大家报几个数，银行业金融机构的房地产贷款不良率是不到1%，整体银行业的不良贷款是1.85%，这是含政策性银行的，除掉政策性银行是1.74%，显然房地产贷款不良率的水平好于整体贷款的不良率水平，其中个人贷款的不良率只有0.3%。而且我国在住房贷款的发放上长期以来一直坚持比较审慎的政策，平均首付比在33%以上，去年新发放贷款的平均首付比在37%，这也是在国际上是非常审慎的住房信贷政策。当然，我们也关注到个人住房贷款、家庭部门杠杆率增长速度有点快，个别的房地产企业可能在财务方面比较激进，会有一些风险，这些我们都在密切关注。
Pan Gongsheng: The second question is about the risk of real estate finance. The PBC has always implemented a prudent housing credit policy. The overall quality of real estate loan has been sound, and financial risks in the real estate industry are within control. Here are some numbers: the banking industry’s NPL ratio of real estate loans is less than 1%, while the overall NPL ratio is 1.85%. If you exclude policy banks, the NPL ratio will drop to 1.74% from 1.85%. Obviously, the real estate loans have a lower NPL ratio than that of the total lending, within which the NPL ratio of mortgage loans is just 0.3%. We have been taking a prudent policy stance towards housing credit, and the average down payment ratio is over 33%, last year the average down payment ratio for newly issued mortgage loan reached 37%. This is quite prudent even from an international perspective. Of course, we have noticed growth of mortgage loan and household leverage may be a little too fast, and certain real estate enterprises might be somewhat risky. We are closely monitoring.
记者：在2017年很多人认为金融改革的步伐走的有些慢了，大家认为这可能与防风险有关系，接下来2018年防风险仍然是金融领域的重头，这会不会导致大家有这样一种担忧，防风险会导致金融改革与发展进入停滞，或者步伐放缓，请问周行长怎么看？谢谢。
Journalist: Some think that the financial reform slowed down in 2017, and this is believed to have something to do with risk prevention. Risk prevention is still an important theme for the financial sector in 2018. Will this be reason for concerns that risk prevention can bring financial reform and development to a stall or onto a slow lane? Governor Zhou, what’s your take on this? Thank you.
周小川：大家也知道金融行业，特别是像银行这一类机构本身就是高杠杆经营、管理风险的行业。因此，防风险如果防得好，这是这个行业发展以及它为实体经济服务的一个重要的基础。这个做得好的话，就能够发展得好，能够服务得好。因此，防风险、防危机也历来都是金融改革的重要组成部分，所以我个人认为防风险跟改革不是对立的东西，而应该是一致的东西。大家也看到国际上正是由于有了风险、有了危机，才促进了很多新的措施的出台。我们中国有很多重大的金融改革，正好是因为亚洲金融风暴，让我们认识到风险和不足，然后进行了改进。这一轮全球金融危机也是这样。因此我们说防风险是改革的一个部分，2017年一个重要的内容就是我们召开了全国金融工作会议，总书记作了重要的讲话和部署，此后成立了国务院金融稳定与发展委员会，这些防范风险的动作都改进了监管，改进监管也是金融改革的一个重要部分。
Zhou Xiaochuan: It is well recognized that the financial sector, especially banking institutions, operate on high leverage and focus on risk management. As a result, good risk management is an important factor to facilitate industry development and fundamental in the ability to serve real economy. Effective risk prevention facilitates sound development and good service. Therefore, risk prevention and crisis prevention are always key parts of financial reform. In my opinion, risk prevention and reform do not go against each other, rather they support each other. As you can see from the global experiences, it is risks and crises that led to new measures and policies. Likewise, some major Chinese financial reforms were initiated in the context of Asian Financial Crisis, as the turmoil prompted us to identify risks and flaws and roll out that reform. The same holds true for the Great Financial Crisis. So we see risk prevention as part of reform. One important component in 2017 was that after President Xi delivered an important speech and announced major arrangements at the National Financial Work Conference, the Financial Stability and Development Committee was established under the State Council, an effort to prevent risks and strengthen regulation. And strengthening regulation is also an important part of financial reform.
在改进监管、减少风险的情况下，金融方面其他的步伐反而可以走得更快、更大。比如说我们刚才大家所提到的人民币国际化和市场准入的放开，这些都跟监管的改革联系一起。谢谢。
With more effective regulation and lower risks, we can take bolder and quicker actions in other aspects of reform, including RMB internationalization and easing market access, as you just mentioned. All of these are related to regulatory reform. Thank you.
上海人民广播电台记者: 我们注意到，今年的《政府工作报告》中对于货币政策的表述是稳健的货币政策保持中性，要松紧适度，和往年相比“松紧适度”这个表述比较新，对于市场来讲，我们如何来理解松紧适度？谢谢。
Shanghai People's Radio: It is noted that the Report on the Work of the Government this year stated, “Our prudent monetary policy will remain neutral, and its stance, i.e. the tightness or looseness, should be appropriate”. “its stance, i.e. the tightness or looseness, should be appropriate” is a new expression. What is your advice to the market participants to understand this expression? Thank you.
周小川：请易纲同志回答。
Zhou Xiaochuan: I will pass this question to Mr. Yi Gang to answer.
易纲：稳健的货币政策、松紧适度这样的表述，主要是针对金融货币政策支持实体经济而言的。我们知道，我们国家的经济目前是稳中向好，我们看一个货币政策松还是紧，可以从几个维度，一是看信贷支持实体经济，支持小微企业，支持“三农”，支持一些薄弱环节。另外一方面是我们支持创新领域，中国经济目前有很多创新的亮点，看这些创新的领域能不能够及时得到货币、信贷、股市，还有其他各种融资方式的支持。同时，我们也要注意防范金融风险，还要注意刚才那位记者提出的金融改革。所以，松紧适度主要是看对实体经济而言，我们的实体经济能不能够得到各个方面有效的支持。能不能够创造一个防风险并且能够平稳推进金融改革的外部环境，这样就为我们从高速增长阶段转向高质量发展阶段，提供一个中性适度的货币金融环境。
Yi Gang: The statement regarding prudent monetary policy, appropriate tightness and looseness is aimed at supporting the real economy by financial and monetary policies. Based on our understanding, China's economy shows positive signs with stable performance recently. We can estimate whether monetary policy is tight or loose from several perspectives. First is credit support to the real economy, to the micro and small enterprises, to the agricultural sector, farmers and rural area borrowers, and some weak links. Second is the support to innovation. There are many highlights of innovation in China's economy. Whether those areas can receive prompt support from various financing channels, such as money, credit and equity markets, shall be taken into account. Meanwhile, we should be aware of financial risks prevention and keep a keen eye on financial reforms as previously mentioned. As a result, whether the policy stance is appropriate in terms of easing or tightening should be based on its support to real economy. Could it support the real economy from multiple dimensions? Could it create a healthy external environment to prevent risk and facilitate financial reform, thus providing a neutral and appropriate monetary financial environment in accordance with the transition from rapid growth to high-quality development?
易纲：从流动性角度来讲，也要松紧适度，也要基本上稳定。我们看流动性方面，主要是看市场利率是不是平稳，整个的超额准备金水平是不是合适，各方面的指标是不是在合理的范围内，这就是我们对“松紧适度”的考量。
Yi Gang: The liquidity also should be stable and appropriate in terms of tightness and looseness. We are monitoring various liquidity indicators to measure if it is appropriate, such as market interest rates, excess reserve ratios. Those indicators being in the reasonable ranges are important factors.
易纲：另外，还有一个突出的特点，就是今年《政府工作报告》中讲的是广义货币M2和社会融资规模增长要合理增长，没有讲数量和指标，这也是一个新的变化。我们知道，长期以来我们用M2来作为一个主要指标，它起到了很好的作用，也应该说是很重要的作用。我们也要看到一些新的变化，这些新的变化就是，市场的深化和金融的创新，使得像M2这样的指标跟经济的走势的相关性变得比较模糊，有的时候预测性也变得比较不确定。全世界都有这种现象，这几年我们商业银行贷款以外的科目对M2的影响也比较大，各国都面临这种情况，所以现在世界上绝大多数国家都淡化了把M2作为一个指标，或者把M2作为一个预测目标这样的做法。这种相关性下降，它是一个规律性的事，你重新定义M2，改变M2的口径也不能够完全解决这个问题。所以，我觉得针对这种新的问题和新的情况，针对我们新时代的高质量发展的要求，我们要更注意盘活存量，更注意优化货币信贷存量的结构，这样就能够从一个更广泛的角度来看你说的这个合理增长也好、松紧适度也好。谢谢。
Yi Gang: In addition, as stated in the Report on the Work of the Government this year, broad money M2 and aggregate financing to the real economy (AFRE) need to grow at reasonable rates without specific numbers and indicators defined. This is a pronounced change. We used M2 as a major indicator for a long time, and it played positive and important roles. But we should be aware of the changes, that is, the market development and financial innovation, and the co-relation between indicators like M2 and economic trends are no longer significant. As a worldwide phenomenon, M2 is less effective as an economic forecast tool. In recent years, items other than loans on the balance sheet of commercial banks have impacts on M2, which is witnessed in other countries as well. Therefore in many countries the prominence of M2 as an indicator is on the decline, especially as an indicator for forecast. Recalibrating the coverage of M2 cannot fully address the problem because its decreasing relevance is a general trend. Therefore, facing new issues and new situations, to achieve high-quality development in the new era, we should emphasize even more on better use of the existing resources, optimize the money and credit structure. It is from these broader perspectives that we consider reasonable growth and the appropriate stance of monetary policy to support growth. Thank you.
中央电视台、央视网、央视新闻移动网记者: 两个小时之前，央行刚刚公布的2月末M2的增速是8.8%，我们看了一下这已经是连续10个月维持在个位数的增长了，2018年的《政府工作报告》里提到了M2，但没有给具体的数字。请问，未来应该怎么样理解M2增速？什么是合理增长，怎么去理解2018年的货币供给？谢谢。
CCTV, CCTV.com, and CCTV News: Two hours ago, the PBC released that the M2 growth rate was 8.8% in February. Growth of M2 has been single digit for ten consecutive months. The Report on Government’s Work 2018 mentioned M2 but didn't give a specific ratio. How should we the growth rate of M2 in the future? What is a reasonable growth? How should we interpret the money supply in 2018? Thank you.
周小川：这个问题实际上刚才易纲行长已经说到了，由于M2指标口径总是在不断变化，主要是金融市场结构、金融产品在不断地变化，M2不是一个非常精确的衡量货币政策松了紧了的一个工具。但是这个问题既然问了的话，假定说M2的口径短期内变化不大，我们怎么看呢？如果M2和名义GDP增长速度基本一致的话，从广义货币供应量的角度来讲就是不松不紧，名义GDP就是现在我们所说的实际GDP加上GDP平减指数，也就是经过物价调整的GDP。如果M2大于名义GDP的增长速度，货币政策就偏松一点，如果低于就偏紧一点。观察是这样观察。但是，假定条件是金融市场的结构、金融产品的结构没有太大的变化。
Zhou Xiaochuan: Deputy Governor Yi Gang has just spoke on this topic. M2 is no longer an accurate measure of the monetary policy stance due to multiple adjustments in its coverage to timely reflect the changes of financial market structure and financial products. As you have asked about M2, assuming M2 coverage being largely the same, how should we interpret it? When growth rate of M2 is roughly the same with that of nominal GDP (equal to actual GDP plus GDP deflator, which is the GDP after price adjustment), then the broad money supply is neither loose nor tight. If the M2 grows at a higher rate than that of the nominal GDP, the monetary policy might be on the easy side; and it is on the tight side when M2 grows slower than nominal GDP. It is true in theory based on the assumption that the structures of financial market and financial products do not change dramatically.
周小川：更重要的指标，应该说还是要观察像是通货膨胀率和就业这样的指标，我们光观察GDP有时候是不够的，还是要看物价水平和就业水平，从这儿来衡量货币政策的松还是紧。再有就是今后慢慢的大家的关注点可能逐渐从广义货币的数量变化，慢慢转到对于价格的关注，到底市场上这个价格在什么水平，通过统筹考虑价格水平和通货膨胀率来看待货币政策是松是紧。
Zhou Xiaochuan: It is fair to say that inflation and employment rate are more important to monitor. More often than not, looking at GDP alone is not enough, we should also take price level and employment rate into account to measure monetary policy. Moreover, the public may need to focus more on the price level, rather than the quantitative changes of broad money, looking at the price level in the market, by taking in considerations price level and inflation to interpret monetary policy stance.
周小川：对中国来讲，现在的M2增长速度是百分之八点几。从刚才衡量的角度来看，第一是跟名义GDP相比是比较接近的，另外，你又可以看到M2增长比名义GDP稍微低一些，也还有存量的关系。过去，M2增长速度一直比名义GDP高，也就是大家所说的池子里的水已经很多了，新进的水不一定要这么多，所以还跟存量的积累有关系。总之来讲，很难有一个非常简易的指标让人一下子就看明白，这是一个比较复杂的事情，必须考虑多种因素，加以判断。谢谢。
Zhou Xiaochuan: The M2 growth is more than 8 percent in China, which is close to the growth rate of nominal GDP but a little bit lower, which has something to do with the stock of money supply. M2 had been growing faster than nominal GDP in the past, that's why people are saying a lot of water is already in the pool, we don't need to inject much more. So, it is related to the pile-up of money supply. In short, it is difficult to use a simple indicator to tell a complex story, it is not easy. We should take many factors into account to make a judgement. Thank you.
香港南华早报记者: 去年内地和香港开通了“债券通”，但仅仅是“北向通”，让香港的投资者可以投资内地的债券市场。请问今年会开通“南向通”吗？大概是什么时间，会考虑哪些因素？周行长，在您漫长的行长生涯里有哪些您觉得特别难忘和特别遗憾的时刻？谢谢。
South China Morning Post: Last year the Mainland launched a "Bond Connect" program with Hong Kong, but it only allowed HK investors to invest in the Mainland’s bond market, namely the “north-bound.” Is there going to be “south-bound” program for mainlanders to invest in Hong Kong this year? If so, when will that happen and which factors will be considered? I have another personal question for Mr. Zhou. In your long career serving as the Governor of PBC, what are your most unforgettable moments and regrets?
周小川：金融市场的开放绝大多数都是双向的，当然你刚才点到“债券通”，最开始是一个单向的，这里也是取决于香港作为亚洲国际金融中心，在这个金融中心交易的产品有强项也有弱项。比如说香港股票市场、外汇市场，这都是它比较强项的东西。债券市场东西比较少，可交易、可投资的东西比较少，而内地债券市场数量很大，有很多企业在内地的债券市场上融资和交易，所以需求也就比较单向。但实际上如果开放“南向”的债券市场，这没什么困难，我认为只要有需求，随时都是可以做到的。总体来讲，金融市场的双向开放还是会不断地迈出步伐。
Zhou Xiaochuan: The opening of financial market is two-way in most cases. The "Bond Connect" program you mentioned started with one-way investment. It’s because Hong Kong, as the international financial center in Asia, has both strong products and not so strong ones. For instance, Hong Kong has strength in stock market and foreign exchange market, but its bond market does not offer lots of tradable products and investment opportunities. Chinese Mainland, however, has a large bond market where many companies conduct financing and trade here, hence there is a strong one-sided demand for investment. It is certainly not difficult to launch “south-bound” connect. In my view, it can be realized at any time so long as there is demand. In general, the two-way opening of financial markets will make constant progress.
至于你提的第二个问题，因为经过这么多年在金融系统工作，事情太多了，所以很难挑出来说哪件重要，哪件不重要。我想响应一下我们新闻发布会取的这个题目很好，就是金融的改革开放，我觉得有幸跟大家一起在金融改革开放方面做工作，向前推进，很有幸的一件事。谢谢。
Regarding your second question, as I have worked in the in the financial sector for many years, a lot of things happened. It’s hard to pick what is important and what is not. But I want to cite the topic of today's press conference, the reform and opening-up of China's financial sector. It has been an honor and a privilege to work together with all participants to push forward this great cause. Thank you.
第一财经记者: 目前，央行正在牵头制定资产管理行业的监管规则，央行出于哪些考虑来出台这项规则？目前规则的进展如何？什么时候能够正式推出，以及推出之后是不是会对金融市场带来冲击？谢谢。
YICAI.COM: At present the PBC is taking a lead in making regulatory rules on asset management. What are the considerations of PBC and the progress so far? When will the rules be officially adopted? And will it impact the financial market after its release? Thank you.
周小川：资管方面的发展其实也是一种正常的发展，但中间也有一些不规范的地方，一些类似的产品规则不太一致，另外也有一些冒牌的，打着一个名义来做的，实质上是其他的事情。因此确实有一些漏洞，在这种情况下需要对资产管理行业进行规范化管理。在人民银行来讲，我们是范一飞副行长在负责这个事，今天他没来。但是，潘功胜副行长也管金融市场，所以他对这个事也比较了解。请他说一下。
Zhou Xiaochuan: The development of asset management is on the right track, but misconduct still remains. Rules on similar products are inconsistent; in some asset management business, money is raised for a stated purpose but used on a different one. There are indeed loopholes. It is therefore necessary to strengthen regulation over the asset management industry. In PBC, Deputy Governor Fan Yifei oversees asset management, but he's not here today. Deputy Governor Pan Gongsheng is in charge of the financial markets and also familiar with what is going on in drafting asset management rules. I'd like to give the floor to him.
潘功胜: 关于规范资产管理业务的指导意见，我们在去年11月份已经向社会公开征求了意见，大家应该从网上对它的基本框架都可以非常了解。我们也收集了很多的意见，会同相关部门对这些意见进行了认真的研究，并且也合理的进行吸收。在考虑这个规则的时候，我们会考虑到怎么化解在资产管理业务方面所存在的问题、所隐藏的风险，以及对这个政策出台对金融市场的影响，我们会在这之间寻找一个很好的平衡。这个政策人民银行正在会同相关部门进行修改，履行相关的程序以后会尽快向社会公开。谢谢。
Pan Gongsheng: With regard to guidelines on regulating asset management business, we sought opinions from the public last November. The draft guidelines have been made available online, so you can gain a clear understanding of its framework, which. We've collected many comments and views, conducted thorough studies on these views with relevant authorities, and have incorporated the reasonable ones. When formulating the guidelines, we consider how to resolve existing problems and potential risks in the asset management business, and the policy’s potential impact on the financial market. We aim at striking a good balance. The PBC and relevant authorities are amending the guidelines. It will be released as soon as we fulfill the adequate procedures. Thank you.
证券时报记者: 我的问题是关于数字货币，央行此前说正在研究发行数字货币，请问进展如何？对于数字货币的正式问世是否有时间表和路线图。请问周行长，您如何看待未来数字货币的应用前景？谢谢。
STCN: My question is about digital currency. We’ve learned that the PBC is doing research on issuing digital currency. What's the progress so far? Is there a timetable or roadmap for the official launch of digital currency? Governor Zhou, how do you see the prospect of digital currency application? Thank you.
周小川：可能大家也注意到，人民银行在三年多以前就开始组织了关于数字货币的研讨会，随后成立了央行的数字货币研究所，最近的动作是和业界共同组织分布式研发，依靠和市场共同合作的方式来研发数字货币。在概念上来讲，大家头脑当中的数字货币概念都是不一样的，央行用的研发的名字叫“DC/EP”，DC，digital currency，是数字货币；EP，electronic payment，是电子支付。实际上电子支付的是什么呢？支付的东西实际上也就是通过移动通信或者是其他的网络系统传输的数字的东西，并不是纸面的货币，所以电子支付本身也是有数字货币的属性。
Zhou Xiaochuan: You might have noticed that the PBC organized seminars on digital currency three years ago, and then established a Digital Currency Research Institute of PBC. Most recently, we are working with the industry on distributed ledger R&D in an effort to develop digital currency with the market. Different people have different concepts of digital currency. The name of the PBC’s research is "DC/EP," which stands for digital currency and electronic payment. In electronic payment, what get transmitted by mobile communication or other networks are essentially digital, not paper money. Therefore, electronic payment also has the feature of digital currency.
为什么把这两个连接起来？我们首先要明确一个目的，研究数字货币不是说让货币去实现某一种技术方案的应用，而是说本质上是要追求零售支付系统的方便性、快捷性和低成本。同时也必须考虑安全性和保护隐私。这几项东西既可以是以区块链为基础的或者是分布式记账技术、DLT为基础的这种数字货币，也可以是在现有的电子支付基础上演变出来的技术。目前国际上对于数字货币的技术路线也有了初步的一些分类，表明它还可能是有多种可能的体系。应该说，数字货币的发展既是有技术发展上的必然性，未来来讲可能传统的纸币、硬币这种形式的东西会逐渐缩小，甚至可能有一天就不存在了，这种可能性也是存在的。
Why do we connect DC with EP? First we need a clear purpose. Digital currency research does not aim to realize application of currency through technical solution, but should promote convenience, efficiency, cost effectiveness, safety, and privacy protection in the retail payment system. These features can be achieved through digital currency based upon technologies such as block chain, distributed ledgers, and DLT, or can be a technology evolving from the existing electronic payment. Internationally, there have been preliminary classifications on the technical routes of digital currency, signaling that it could be a system with multiple possibilities. It is safe to say that the digital currency is inevitable due to technology development. In the future, the use of traditional banknotes and coins will shrink or even disappear one day. There is such a possibility.
在整个过程中，要注意整体的金融稳定、防范风险，同时数字货币作为货币来讲，要保证货币政策、金融稳定政策的传导机制，同时要保护消费者。有一些技术方案有可能冒的风险太大，结果出问题的时候使消费者受损失。特别是对大国经济来讲，我们一定要避免那种实质性、难以弥补的损失，所以要慎重一些。在这个过程中要经过充分的测试、局部的测试，可靠了以后，再进行推广。2017年，人民银行组织了数字货币与电子支付的研究项目，经过国务院正式批准，目前在组织大家推进。
In this process, we need to pay attention to financial stability and risk management. Digital currency, as a kind of currency, should support the transmission of monetary and financial stability policies, and offer adequate consumer protection. Some technical solutions might be risky to the point that consumers have to bear the loss when problems occur. As a large economy, we must take precaution to avoid substantive and irreparable loss to the consumers. Therefore, sufficient testing and regional testing of any technology is required before its reliability is established as a precondition for nationwide promotion. In 2017, the PBC initiated the research program on DC/EP and received approval from the State Council. The program is under way.
大家可能也在市场上看到数字货币在某些方面引起很多议论，也出现很多风险，价格出现很多的波动。主要是有一些技术应用没有专注于数字货币在零售支付方面的应用，而跑到了虚拟资产交易方面。虚拟资产交易我们认为这个方向需要更加慎重，虚拟资产交易从中国的角度来讲，也不太符合我们金融产品、金融服务要服务于实体经济的方向。所以在整个过程中，不必太着急，稳步的研发，有序的进行测试，把握住方向，要强调金融服务于实体经济，提高效率、降低成本，防止变成过度投机的一种产品。刚才给大家介绍了现在的研发计划，在研发到一定程度会进入到测试阶段，我现在能说的也就是这些。谢谢。
You may have noticed heated discussions in the market over digital currency; the risks involved in and price fluctuations of digital currency. The main issue is that some technological applications don't focus on applying digital currency in retail payment but has sidetracked to virtual asset transactions which in our views must be dealt with even more prudently by regulatory authorities. From the perspective of the government policy, virtual asset transactions conflict with the principle of financial products and services serving the real economy. Therefore, we do not rush in our program, and are doing research and testing in a steady and orderly fashion. We must hold fast to our principles and emphasize that finance should serve the real economy. While improving efficiency and lowering costs, we should take measures to prevent it from becoming an overly speculative product. I spoke about the research plan just now. The research will enter the testing stage when ready. That is all I can tell at this moment. Thank you.
日本经济新闻记者: 从2016年的下半年开始，中国政府加大对资本外流管制的力度，这导致人民币的国际化进程有所放缓，您怎样看待未来中国的资本项目的开放进展？谢谢。
Nikkei Business Daily: Beginning from the second half of 2016, the Chinese government strengthened capital outflow controll, which has somewhat slowed the progress of RMB internationalization. How do you view the prospect of liberalizing China’s capital account? Thank you.
周小川：我个人并不认为说整个资本项目可兑换有什么实质性的变化。资本项目可兑换不是改革的最终目的，它服务于什么，还是服务于中国经济和世界整个经济更加融合、更加开放，实现所谓开放型社会主义市场经济。你既然是开放型经济，货币的自由使用程度应该高，应该可兑换。但与此同时，你要防范风险，除了金融的风险，也要考虑到经济中各种不同实体所面对的风险，还要考虑到要有反洗钱、反恐融资这一类内容。整个国际货币体系也并不完善，所以有时候资本流动会起到副作用，会伤害某些国家特别是发展中国家，像这些都必须考虑在内。因此这样的一种改革开放的进程，应该说历来都不是直线型的，它总是朝这个方向走，如果经济中有一些问题的话，就需要进行适当的调整，有一些方案、有一些具体的执行措施需要进行微调，这样的话最终会有利于在这方面前进。
Zhou Xiaochuan: I personally don’t think there are substantive changes in the convertibility of China’s capital account in general. Capital account convertibility is not the ultimate goal of reform. Capital account convertibility should facilitate China’s integration with and openness to the world economy, and the goal of realizing an open socialist market economy. The currency of an open economy ought to be freely useable and convertible. However, risk prevention should also be considered. Apart from financial risks, we also need to consider risks faced by different entities in the economy, as well as anti-money laundering and combating terrorist financing. Because the international monetary system is imperfect, capital flow will sometimes have side effects that harm some countries, especially developing countries. All these factors will be considered. Therefore, opening-up process will never be straight forward. While it is heading towards such a direction, moderate adjustments will become necessary when problems occur in the economy, and the program and measures will be fine-tuned, in order to make progress.
中国从90年代到现在，最早提出人民币要变成一个可兑换的货币，我记得是十四届三中全会，就是1993年就提出来了。在这个过程之中，作为一个大国逐步开始进行各方面的改革，在这个过程中有最大的两个曲折，不是说最近有什么曲折，最大的两个曲折，一个是亚洲金融风暴，一个是2008年的全球金融危机。一旦出问题，大家就会对政策进行评估，进行反思，进行适当的调整，以便总体上在这个方向上走的更扎实、更稳健，最终实现改革开放的目标。
China proposed the convertibility of RMB for the first time in 1993, in the Third Session of the 14th CPC Central Committee. In this process, China, a big country, launched reform in different fields, and experienced two big twists and turns: the Asian financial turmoil, and the global financial crisis in 2008. Both happened a while ago. Once a problem emerges, people would evaluate and reflect on the policies, and make reasonable adjustments, so as to progress in a more solid and steady way, and finally reach the goal of reform and opening up.
易纲：我补充一句。资本可兑换是在稳步的推进，在资本项目下有两个最重要的项目，一方面是直接投资，包括两个方向，一个方向是FDI，一个方向是ODI。直接投资，我觉得真实贸易投资背景下都是很方便的。另外一个大的项，比如说组合投资，就是金融市场的开放，我们国内股市、债市的开放和中国的居民将来可以在更大范围内配置资产，配置它的组合投资。不管是直接投资，还是组合投资，在这两个方面都会进一步的稳步推进资本项目的可兑换。这里有一些“放管服”的改革，有一些便利化的改革，还有一些数据透明度，还有一些比如说反洗钱、反恐融资的要求，这些都会稳步的推进。同时我们也能够看到，我们国内市场现在也在变大，不管是股市还是债市还是其他的市场，将来也都要做双向的开放。在做开放的同时，非常重要的一条就是要把控好风险，使我们的监管水平和开放的程度相适应，这样就能够在开放中防范好风险，使得中国的居民和全世界的投资者在中国市场上更加的便利，配置资源的效率更高。谢谢。
Yi Gang: Let me add something here. Capital account convertibility is progressing steadily. Direct investment is one of the most important items under capital account. It includes foreign direct investment (FDI) and overseas direct investment (ODI). In my view, direct investment under a real trading background is already very convenient. Another major item, i.e. portfolio investment, entails financial market openness, which includes opening up China’s stock market and bond market, allowing Chinese residents to allocate portfolio investment within a wider scope. Capital account convertibility will be steadily promoted in both direct investment and portfolio investment. The measures include reforms to streamline administration, delegate powers, and to facilitate trade and investment, better data transparency, as well as requirements on anti-money laundering and combating terrorist financing. Meanwhile, as the domestic market expands, two-way openness will be promoted in the stock market, bond market, and other markets. When we further open up, it is vital to control risks by adapting regulation to such openness. This will enable us to prevent risks in opening up and to offer Chinese residents and global investors more convenience in the Chinese market and higher efficiency in resource allocation. Thank you.
新华社记者：近两年，比特币ICO融资等虚拟货币平台一直是一个非常热门的话题，我们看到央行和各个监管部门采取了强力的监管，也取得了一些初步的成效。请问这是出于何种考虑，下一步我们将出台什么样的监管政策？谢谢。
Xinhua News Agency: In the last two years, virtual currency platforms, such as Bitcoin ICO financing, have been a hot topic, regarding which the PBC and competent authorities took strong regulatory measures with preliminary effects. Could you please elaborate on the considerations in the adoption of these measures and the regulatory measures to be taken as the next step? Thank you.
周小川：刚才您说到的那些措施可能您已经都观察到了，您是说背后怎么考虑。首先，我们刚才已经回答了跟此相关的问题，意思就是央行比较早就动手关注金融科技方面的新技术，并组织了研讨会，成立了研究所，在这方面付出了力量，同时进行了多方案的研究，这首先表明我们对科技的总体态度。同时，我们也很关注像区块链和分布式记账技术的应用。但与此同时，我们认为这些研发应该比较慎重，像比特币和其他一些分叉产品的一些东西出的太快，不够慎重，如果迅速扩大或者蔓延的话，有可能给消费者带来很大的负面的影响。同时，也许也会对金融稳定、货币政策传导，都会产生一些不可预测的作用。因此，我们主张，研究一些新东西是好的，但是除了市场的动力以外，还要考虑全局、大局，不是要钻一些政策空子，搞出一些什么爆发性的事件。
Zhou Xiaochuan: The measures that you just mentioned may be familiar to the public, and you are asking for the underlying considerations. First, we have answered a question relating to yours, saying that the PBC has followed new trends in Fintech since the early stage. We organized seminars, established a research institute, and studied different work plans. These moves have demonstrated our general attitude towards technology. We have also followed closely the application of block chain and distributed ledger technology. However, we believe that such R&D should proceed in a prudent manner. Given the rapid emergence of the Bitcoin and other branch products, if they expand rapidly or spread to other areas, they may have a significant negative influence on consumers. Besides, they might have unpredictable effects on financial stability and monetary policy transmission. Therefore, although it is good to study new things, we hold that the overall situation, in addition to market forces, should be considered, to rule out conduct of taking advantage of existing policies as that might trigger a shattering event.
周小川：再有，你在投入真正运行之前，一定要考虑跟消费者的关系，跟投资者的关系。因此，如果在测试还不太充分，或者测试结果也没有得到广泛认同的情况下，迅速扩大会可能出现一些问题。所以，从央行的角度来讲，第一是不慎重的产品先停一停，有些有前途的产品也必须经过测试、经过认证，确实比较可靠了以后再推广。所以，大家注意到我们央行的做法是去年8月底先把ICO停了，后来紧跟着，我们是不支持比特币和人民币的直接交易的。再有是，把现在的所谓比特币一类的虚拟货币像纸币和硬币、信用卡一样作为零售支付工具，目前我们没有认可，银行系统不接受，也不提供相关的服务，这就是背后的考虑。
Zhou Xiaochuan: Moreover, before finally putting a product into operation, one must consider its relationship with consumers and investors. Before insufficient testing or when the testing result is not widely recognized, rapid expansion may cause problems. Hence, from the perspective of the PBC, first of all, we call for a halt to imprudent products, and require testing to verify the reliability of some promising products before they are introduced to the public. As a result, people may have noticed that the PBC suspended ICO at the end of last August, and after that, we expressed objection to direct trading between the Bitcoin and RMB. Moreover, this also explains why virtual currencies like Bitcoin are not recognized as payment instruments for consumers on a par with notes, coins, and credit cards, and are not accepted by the banking system.
周小川：未来的监管，首先它是很动态的，它是取决于技术的成熟程度，也取决于最后测试试验、评估情况。所以，这个应该说还有待观察，也不是说马上就要拿什么样的监管措施。也像我刚才所说的，在考虑这些新技术的同时，在服务的方向上要清楚，我们不太喜欢那种创造一种可投机的产品，让人家都有一夜暴富的幻想，这不是一件什么好事，而是强调要服务实体经济。既然是说想搞数字货币的话，你要考虑确实给消费者、给零售市场带来效率、带来低成本、带来安全隐私的保护。另外，你要考虑大局，这个东西不要起到说跟现行的金融稳定，跟现行的金融秩序直接相冲突。当然，如果说是技术发展会对原有的金融秩序带来改变，也需要比较慎重地进行研究、进行论证以后再出台。所以，总的来讲，技术发展是一个动态的过程，在这个过程中大家也在逐渐摸索，在摸索过程中，说不上一定就是未来有某种确定的监管政策。研究这些问题，央行也是和市场人士密切配合，听取广大公众特别是媒体的意见。谢谢。
Zhou Xiaochuan: Regulation in the future will, first of all, be highly dynamic, depending on both technical maturity and final results of testing and evaluation. Therefore, the situation remains to be observed and no concrete measure is immediately required. As I just said, people should be clear about their service orientation when thinking of these new technologies. We don’t favor creating speculative products that give people illusion of becoming rich overnight. That is certainly not good. The emphasis should be on serving the real economy. To create a digital currency, efficiency and lower cost must be offered to consumers and the retail market, as well as security and privacy protection. In addition, the big picture should also be considered, which means that the product should not directly conflict with existing financial stability and financial orders. Admittedly, if technological development is to bring changes to the original financial order, prudent studies and evaluation should be made before roll-out. So, in general, technological development is a dynamic process, in which we are all exploring and it is not a must to adopt a certain regulatory policy in the future. When studying these questions, the PBC cooperates closely with market participants and takes opinions from the general public, especially the media. Thank you.
中新社、中新网记者: 请问周行长，当前金融控股公司监管办法的制定进展情况如何？金融控股公司监管办法主要会聚焦在哪些方面？它与单独对证券、银行等金融公司的监管有哪些不同？谢谢。
CNS and Chinanews.com: My question is for Governor Zhou. What is the progress so far in the formulation of the regulatory policy on financial holding companies, and on what areas will the regulatory policies be focused? How will these rules be different from those regulatory policies on securities and banking sector? Thank you.
周小川：金融控股公司，潘行长也有研究，我先简单说两句。一是社会上现在出现了金融控股的行为，有的叫金融控股公司，有的没有叫金融控股公司，但实质上有一些集团里形成了金融控股的做法，可能控股了多家金融机构，可能还在不同的行业，比如说有证券、有保险、有银行的、有信托的等等，这样的一些行为，同时也酝酿了一定的风险，这些东西应该纳入金融控股公司的管理。对金融控股公司，我们试图制定一些基本的规则，但目前也还在初步探索之中。首先一条，我们知道金融业是要依靠有足够的资本，资本是能够吸收风险的基础和能力，因为金融是高风险行业，你必须有一定的本钱来支撑它的稳健经营。目前出现的一些金融控股的行为，使得有一些他们所控制的金融机构的资本并不真实完整，社会上存在着有一些虚假注资、循环注资的问题。因此，强调资本的真实性、资本的质量、资本的充足，这是加强金融控股公司管理的一个内容。
Zhou Xiaochuan: Deputy Governor Pan is also an expert on financial holding companies, so I’ll be brief. First, there are companies that are engaged in financial holding. Some have “financial holding” in their names while others don’t. In essence, it is financial holding within a conglomerate, holding the controlling share of multiple financial institutions, maybe even in different sectors of securities, insurance, banking and trust. Such behavior causes risks to accumulate and should be covered in the regulation of financial holding companies. We are in the early phase of formulating certain basic rules for such regulation. First, we know that the financial sector, which involves high risk, needs a large amount of capital to back it up, because capital provides the basis for risk absorption and mitigation. As a result of the current financial holding behavior, the capital of financial institutions owned by financial holding companies is often a far cry from being adequate or authentic as there are problems of false capital injection and recycled capital injection. So emphasis on the authenticity, quality and adequacy of capital will be a component in strengthening regulation over financial holding companies.
周小川：二是你既然搞金融控股的话，你的股权结构，集团的股权结构和受益所有人的结构，实际控制人的状态应该保持足够的透明度。如果不透明的话，就容易在中间出现一些风险，出现一些违规的操作。因此，大家对金融控股的股权结构和受益所有人结构都很关注，也能从中能分析到很多问题。再有，也就只有在所有权结构比较清晰的情况下，金融控股集团内部的金融机构要加强对它们的所谓关联交易的管理。一个是，控股集团内部的金融机构之间可能有关联交易，也可能和他们所控股的其他非金融类的企业，也就是实体经济的企业以及海外的企业之间，都可能存在关联交易。所以，对关联交易的管理会有所加强。总之，要保持一种稳健经营、透明度。我认为，这可能是当前对金融控股公司进行管理和起草一些基本规范文件的起步点。当然，以后可能还会参照国际经验，结合中国的具体情况，有更深的考虑。
Zhou Xiaochuan: Second, any financial holding should ensure that equity structure of the company and the group, and structure of beneficiary owners are sufficiently transparent; otherwise there might be risks and violations of regulations. That’s why observers have keen interest in financial holding companies’ equity structure and the structure of beneficiary owners, and can often identify problems by looking at the two structures. Only with a clear-cut ownership structure can financial institutions in the holding company strengthen management over connected transactions. Financial institutions in the holding company may have connected transactions with each other or with non-financial companies in the same company (which means with companies in the real economy and with overseas companies). Regulation of connected transactions will therefore be tightened. We must make sure financial holding companies are transparent and operate soundly. I believe this is the starting point to formulate rules and regulate financial holding companies. Of course, we will learn from other countries and make policies that are suitable to China’s conditions.
潘功胜：刚才周行长已经讲得非常全面，金融控股公司实质上这些年来是发展比较快的，也出现了很多的风险，周行长刚才在讲话当中所谈到的，比如说交叉性的金融风险，比如说在金融控股公司的框架下，风险的隐蔽性比较强，比如说控股公司干预下面的金融机构的经营等等。在中国这个分业监管的模式下，金融控股公司的监管在规则上存在空白，监管的主体也不明确，这就是为什么我们中央国务院要求，人民银行要牵头抓紧制定关于金融控股公司的监管规则。
Pan Gongsheng: Governor Zhou has already given a very comprehensive answer. Financial holding companies have been developing very fast in recent years, lots of risks have emerged as well, including, as Governor Zhou said, cross-sector, cross-border and cross-company financial risks. Within the framework of financial holding company, risks are often times hidden. For example, a holding company might interfere with its financial institutions’ business and operations. China’s sector-specific regulation has left a gap open in the regulation over financial holding companies. Nobody is sure who should be the regulator. That’s why the PBC are required by the CPC Central Committee and State Council to take the lead in developing regulatory rules for financial holding companies.
关于金融控股公司监管规则的重点，刚才周行长在讲话当中都讲到，比如说要落实行为监管，要实质重于形式。比如强化整体的资本监管，建立并表的监管机制，防止虚假出资、循环出资等等短期行为。要严格股权管理，这个股权的架构和组织的架构要清晰，股东和受益人应该是比较透明的，要强化关联交易的管理，要在金融机构和控股公司之间，和其他的产业之间建立防火墙制度等等，现在，人民银行正在会同相关部门，制定关于金融控股公司的监管规则。谢谢。
As for the focus of these regulatory policies, as Governor Zhou just mentioned, we need to supervise the conduct of financial institutions, looking at the essence rather than the surface or in what name the conduct is done. For example, we should strengthen capital supervision over the holding company and establish a consolidated regulatory mechanism to prevent bogus capital injection and recycling capital injection. We will tighten regulation over equity structure to ensure clear-cut equity and organizational structure and transparence in shareholders and beneficiary owners. Regulation of connected transactions will be enhanced, including building a firewall between financial institutions and their holding companies, and between the financial sector companies and non-financial companies. The PBC and other relevant authorities are formulating rules for financial holding company regulation. Thank you.
中央人民广播电台记者: 从近几年的实践来看，类似于P2P和比特币这样的金融创新往往是起于微，但是发展蔓延十分迅速。我的问题是，我们未来考虑构建什么样的创新监管的体系或机制，来确保对这种金融活动萌芽早发现，对可能存在的风险进行早的预防呢？谢谢。
China National Radio: The recent years have witnessed the viral spread of financial innovations like P2P and bit-coins from scratch. My question is what systems or regulations will be built to ensure an early and effective intervention in possible risks created by those infant financial innovations. Thank you.
周小川：应该说这也是最近出现的新课题，过去金融系统其实一直是跟科技创新配合得相当好，而且金融系统历来是科技创新的一个非常忠实的拥护者和应用者。大家可以想像，从早期计算机开始出现，从早期所谓通信系统开始改建，从远程通信的出现，计算机网络的出现，你在社会上看到金融行业不管是银行、证券市场来讲，都是计算机最大的买户，也是互联网非常大的使用者。金融系统很早也是所谓云存储的使用者，最早来讲大规模存储客户数据都是在银行系统发生的。我们金融交易所包括股票交易所在内的都是联网通讯、高速计算、数据挖掘，都是最忠实的云算者。
Zhou Xiaochuan: You touched on a new topic that has emerged in recent years. Financial sector has always worked very well with innovation in science and technology, and the financial system has always been a staunch advocator and applicator of such innovations all along. Since the early days of computer industry, the reconstruction of early telecommunication systems, the emergence of remote communications and computer networks, the entire financial industry, not only banks but also the stock exchanges, have always been the biggest buyer and user of computers and the internet. The financial industry was among the first users of cloud storage. Mass storage of customer data started in the banking system. Besides, stock and other financial exchanges are among the most loyal followers of cloud computing in terms of network communication, high-speed computing, and data mining.
最近出现了一个情况，有一些技术发展比较快，跟常规不太一样，另外科技应用直接导致他们创造新的金融产品，创造新的金融市场板块，这种做法过去不多。新技术出来以后，他们去用，用的过程当中基本上还是把握住了应用的方向和范围。现在是有一些新的，这个新的东西我们第一是表示要密切跟踪，共同合作，再有是如果新的技术马上就投入运用，成为新的金融产品或者新的金融交易市场的板块，我们认为要慎重。按照现在的规则，你该申请的还要申请，该评估的还要评估，稳健以后再进行。同时我们特别强调一条，就是所谓消费者保护和投资者保护，你要注意这些东西它是会在社会上引起广泛的效应。
Nowadays, it appears that some technologies are developing faster than usual. Additionally, scientific applications have led them to create new financial products and new financial market sectors, which were not often seen in the past. When new technology comes out, they put it into use. They basically grasp the direction and range of application. When new technology comes out, we first need to a watch closely and work together. If newer technologies are put into use immediately and become new financial products or tradable on the financial markets, then I think we must be cautious. According to current rules, one must go through the necessary procedures of application and evaluation, and wait for readiness before usage. At the same time, we must emphasize the protection of consumers and investors, as these new products will have a wide impact on the public.
与此同时，我们也要加强投资者教育或者消费者教育。要知道对于一些特别新的产品，大家都没怎么摸过，过去都不怎么知道的，一定要学懂了再考虑去用，你要用的话，就自担风险，要自己搞清楚，否则的话，也不是完全靠监管能够管得住的。一方面监管要想办法学习跟上新的形势，另一方面有一些规则还是要坚持。最后还要加强对消费者、投资者的宣传教育，树立自我负责的态度。谢谢。
Meanwhile, we will also strengthen the education of investors and consumers, who should thoroughly understand new products before making a decision on whether to use, especially those that were rarely known to the public. After learning, one could decide to use the new tool, but shall bear the risk for his or her own good. Regulation alone may not be enough to control the situation. On the one hand, regulators must keep up with the new trend; on the other, rules must be bolstered. Finally, we must strengthen the education of consumers and investors so as to take on the responsibility themselves.
凤凰卫视记者: 关于信贷管理的问题。我们也注意到，去年年底监管层加强了对表外融资的管理，也导致表内的信贷规模激增，请问今年央行是否能够容忍信贷规模出现大规模的增长，是否会采取一些限制的措施？如果由于额度的限制导致融资需求得不到满足，实际利率的增长又是否会倒逼央行进行加息？谢谢。
Phoenix TV: A question on credit management. We have noticed that since the regulators strengthened management of off-balance sheet financing at the end of last year, there has been a sharp increase in on-balance sheet credit. Will the PBC tolerate massive credit increase, or will it take restrictive measures this year? If financing needs cannot be satisfied due to limited credit, will the increase of real interest rate force the PBC to raise interest rates? Thank you.
周小川：您提的这个问题，应该说从央行的角度我们更关心宏观的汇总的这种数字，当然每个部门它可能关心它自己的几个指标，就像你说的，如果一部分表外业务挪回表内的话，表内的增长可能就显得偏快。比如说，具体的处室会觉得这个东西是不是快了一些，但是从宏观上来讲，从央行总体观察来讲，我们还是更加注意总量指标究竟对经济增长，对经济增长的质量，对就业、对物价的这些影响。因此，应该说有一些过去有点违规或者是打擦边球的表外业务按照监管的要求，按照会计准则的要求，应该纳回到表内的话，这个调整是正常的，是有益的，同时在总量上也不会出太大的问题。
Zhou Xiaochuan: From the perspective of the PBC, we focus more on figures at an aggregate and macro level. Admittedly, each authority may focus on different indicators. Just as you mentioned, if some off-balance business is moving back to the balance sheet, balance-sheet business may grow relatively faster. For instance, while a certain division or department may consider this much too fast, the PBC, from a macro perspective, look at how aggregate indicators influence economic growth, growth quality, employment, and prices. Therefore, if certain off-balance sheet businesses that violated or skirted the rules are moving back in the balance sheet after stricter implementation of regulatory or accounting standards, then the adjustments should be normal and positive, and will not cause significant issues at the aggregate level.
现在的货币供应总量和其价格，就你说的利率，总体来讲还是由总量决定的，不会由单项决定，不是说就由信贷决定利率，而利率现在已经是代表了更广泛产品的一种综合的价格。虽然这个价格还会有很多品种，比如说贷款的价格、债券的价格、股票的价格，但总体来讲，整个的价格水平代表了宏观经济的状况。谢谢。
The price of money, or interest rate that you mentioned, is still decided by the total volume of monetary supply, rather than any single factor. The supply of credit alone will not determine interest rate, as the latter now represents the comprehensive price of a wider range of products. Though there is a price for each of the different categories, such as price for loans, bonds, or equity, the overall price level reflects the state of the macro economy. Thank you.
主持人: 由于时间关系，最后一个问题。
Moderator: We will now come to the final question due to limited time.
香港商报新媒体记者: 近期港元的汇率持续走弱，已经达到了有联系汇率以来的最低点。所以，我看到有声音讲，香港需要重新检视联系汇率制度。1997年的时候，中央大力支持香港维护联系汇率制度，我想知道的是央行到现在如何定位港元的地位和作用，包括联系汇率制度的地位和作用。谢谢。
Hong Kong Commercial Daily’s new media: Recently, the Hong Kong dollar has steadily weakened and reached its lowest point since the linked exchange rate was put in place. As a result, we hear some expressing the view that Hong Kong needs to review the linked exchange rate system. In 1997, the central government strongly supported Hong Kong’s efforts to maintain currency board arrangement. I would like to know how the PBC views the status and role of Hong Kong dollar, as well as the linked exchange rate system. Thank you.
周小川: 香港是特别行政区，在财政货币这些问题上都是高度自治的，在香港回归祖国整个过程中，在香港基本法立法的过程中，这些事都已经说明白了，我估计您作为香港的媒体比我更清楚。香港目前实行联系汇率制，联系的是美元。后来有一定的微调，扩大到了正负五分钱的浮动范围，这些都是香港特别行政区自己作出的选择，走的是香港自己的决策程序，我们非常尊重这种政策选择。同时我们也尽我们的力量配合支持香港的汇率政策和制度选择。
Zhou Xiaochuan: As a special administrative region, Hong Kong is highly autonomous on monetary, financial and fiscal matters, which has already been clear in the process of its return to the motherland and in the legislation of Basic Law. I think that as a Hong Kong-based media, you know that more than I do. Now, Hong Kong has a currency board system and the Hong Kong dollar is linked to US dollar. After some minor adjustments, the Hong Kong dollar is allowed to fluctuate in two directions by no more than 5 Hong Kong cents. These decisions are taken by the Hong Kong SAR following its own procedure. We fully respect these policy choices, and will spare no effort in supporting Hong Kong’s choices of exchange rate policy and institutional arrangements.
因为香港经济还是和内地的联系最多，但是货币和美元联系比较紧，这中间会发生一些变化，这种变化应该说也都是在预期之中的，也不是超过预期的。这种选择，说实在的，有时候你会看到优点，有时候会看到缺点，因为选择很少，所以每项选择都不可能说只要优点不要缺点，总是共生的。我们不会对香港财政、货币政策作出什么评论或者提出什么政策主张，而是说如果香港作出的选择，我们一定高度尊重，同时配合好，在现有的体制下我们也可以通过一些做法，使得现有的体制能够平稳的运行，尽可能的把可能存在的缺点和不利方面降到最低程度。谢谢！
As Hong Kong’s economy has the closest ties with the Chinese mainland, its currency is linked to US dollar, this may cause some changes. It is worth noting that these changes are not unexpected. In fact, there are advantages and disadvantages in every choice, both of which you have to accept and options are usually limited. Instead of making comments or policy suggestions on Hong Kong’s financial and monetary policies, we highly respect Hong Kong’s choices and cooperate with the authorities there. Under the current system, we can take certain measures so that the system functions smoothly and potential disadvantages and drawbacks can be minimized. Thank you!
主持人: 由于时间关系，今天的记者会到此结束。谢谢周小川先生、谢谢易纲先生、谢谢潘功胜先生，谢谢各位记者。
Moderator: Due to time constraint, we shall bring the press conference to a close. Please allow me to thank Messrs. Zhou Xiaochuan, Yi Gang, Pan Gongsheng, as well as all the correspondents.
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发表于 2018-4-16 21:59:01
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