Further, recognising that the yield curve is a public good, the benefits of which accrue to all, we undertook outright asset purchases and operation twist1 – which were generally liquidity neutral – to modulate long term G-sec yields. This, in turn, lowered rates on all instruments benchmarked to prices of the G-sec yield curve.
In 2003, Governor Zhou Xiaochuan pointed out in the PBC working report that the PBC will seek to build a team of staff with high learning spirit, strong research ability, rich professional knowledge, pragmatic working style and creative spirit. A broad-based staff team is needed to achieve this goal.