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English > Finance&Economy > Finance-Featurestory>Conference: Chuckles for a Cautious Central Banker

Conference: Chuckles for a Cautious Central Banker

12-13 21:08 Caijing Magazine

China's central bank governor avoided any chance of misquote by discussing carbon, and making his audience laugh.
By staff reporter Li Xin 
From the Caijing Annual Conference 

Central bank chiefs such as Zhou Xiaochuan know that a slip of the tongue or a misquoted phrase can send markets reeling, especially during a global financial crisis. 

But Zhou, governor of the People’s Bank of China, took careful word choice to a new level of caution December 13 at Caijing’s annual economic conference. 

Zhou left out of his discussion any mention of yuan exchange rates or bank reserve ratios. Instead, he threw listeners for a loop with a half-hour review of refrigerators, LCD screens, computer software and 3G technology. He also touched on the obscure topic of carbon capture and sequencing technology.

While the audience chuckled, Zhou kept a straight face. He explained that he didn’t want anything he said to be misinterpreted.

Pressed for something more meaty by Caijing Editor Hu Shuli, Zhou offered a few comments about lessons from the financial crisis.

He said the crisis exposed a psychological undercurrent that links China and the United States. Fundamentally, business channels were operating well when the crisis hit, and China avoided major losses. But as the crisis deepened, he said, it became clear that confidence among consumers and businesses in the United States would have a significant effect on China.

Zhou also said China should have adjusted its monetary and fiscal policies to rein in an overheating economy last year, and “inject more countercyclical elements.”

 

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