4  BIS central bankers’ speeches  How are economic and financial considerations likely to shape the course of monetary policy over the next several years? Let me therefore turn to the second question I posed earlier: How are economic and financial considerations likely to shape the course of monetary policy over the next few years?
At present, interest rate in the money market in China is to a large extent determined by market forces, with active transactions conducted in the market. Major money market transactions, particularly inter-bank lending and government bond repurchase, have played an important role in the formation of interest rate. Participants in the money market need to increase their experience and improve their judgment.