Yi Gang: Sound monetary policy Remarks by Mr Yi Gang, Governor of the People's Bank of China, at the Annual Conference of Financial Street Forum 2020, Beijing, 27 October 2020. * * * Ladies and gentlemen, distinguished guests, good afternoon! First of all, I’d like to extend my congratulations on the upgrading of Financial Street Forum to a national-level forum.
But the confidence crisis had already left a harmful heritage in transmission, which heralded a third phase of crisis: banks in a vast portion of the euro area had lost their willingness and capacity to keep credit flowing to the real economy. Borrowing conditions were being tightened precisely at the time when the economy was entering a new slump.