These implications – and there are many – will be examined and assessed in the third session on the basis of the paper by Kashyap, Rajan and Stein and in the concluding policy panel.
Since the beginning of 2006, the PBC has continued to implement a sound monetary policy by intensifying liquidity management in banking system and policy coordination between local and foreign currencies. A mix of monetary policy instruments was employed to optimize credit structure, appropriately adjust money and credit aggregate, producing an evident effect in macroeconomic management.