I have argued that central banks should not give a special role to house prices in the conduct of monetary policy but should respond to them only to the extent that they have foreseeable effects on inflation and employment.
Zhou Xiaochuan: Learn lessons from the past for the benefit of future endeavour Speech by Mr Zhou Xiaochuan, Governor of the People’s Bank of China, at the China Bond Market Development Summit, Beijing, 20 October 2005. *  *  *  Ladies and Gentlemen, It is a pleasure to attend the China Bond Market Development Summit.