人民银行不急于宽松货币政策。中国债券市场做出了及时反应，股票市场慢一点，但是收盘前也做出了应该有的反应。我加仓了国债多头，持有股票空头没动。

如何看待人民银行的表态呢？第一、调整基准利率意义不大，在人民银行看来；这点其实是蛮合理的，因为利率的价格敏感型和传导途径的问题；第二、人民市场是不是已经落后于市场？或者说，对经济前景太乐观？我认为是这样的。我也认为当下的情况下，货币政策的局限主要在于传导和结构性问题，这的确不是价格或者数量信号可以解决的，然而，现在用的定向工具同样不能解决。

货币政策不肯背锅，但是，最后却有可能背上另外一口锅。

PBOC’s Yi Says China Is ‘Not in a Rush’ to Ease Policy Massively

Tax cuts to be bigger than expected, finance minister says

Inflation is relatively moderate, says central bank’s Yi Gang

By Bloomberg News

(Bloomberg) –?

China isn’t in a rush to add massive monetary stimulus, in contrast with other central banks around the world, and must maintain a prudent policy stance, central bank Governor?Yi Gang?said at a press briefing in Beijing.

Overall financial risks are contained and those in the shadow banking sector and some key institutions have been resolved, said Yi, reiterating the People’s Bank of China’s policy stance at a joint briefing in Beijing with Finance Minister?Liu Kun?and National Bureau of Statistics head?Ning Jizhe?on Tuesday.

Interest rates are appropriate and the central bank has ample monetary policy tools, the PBOC said in a statement ahead of the briefing. Inflation remains relatively moderate, Yi said, and the central bank will remain patient.

“We are not in a rush to roll out massive rate cuts or QE like some other central banks,” Yi said.

Chinese government bond futures reversed an earlier increase as Yi spoke, and cash bond yields extended gains.

Even as?China?grapples with growth on pace for the slowest expansion in almost thirty years, policy makers are holding back from all-out stimulus as they continue efforts to rein in financial risks. That’s a contrast to other global central banks, including the Federal Reserve and the European Central Bank, which are either cutting b