The design of the asset purchase program In weighing its policy options last autumn, the Committee gave careful consideration to the question of whether further purchases of longer-term Treasury securities were likely to be effective in fostering economic recovery and bringing inflation back up to levels judged to be consistent with the dual mandate.
With close cooperation with and wide support of banks, the PBC and the MPS succeeded to introduce the system nationwide by 29 June 2007. The system consists of two core parts, namely systems of information transmitting and sharing, run respectively by the PBC and the MPS.