Japan or push loose monetary policy, experts said the yen influence small

Former governors of the Asian Development Bank Haruhiko Kuroda yesterday became Japan's central bank governor, he set a military order first Shinzo Abe front, to achieve the 2% inflation target in the term, but in order to achieve the inflation expectations, the new monetary easing will essential. If the further depreciation of the yen relative to other major currencies, the Bank of Japan may increase the practice of currency water incur international discontent, and even set off a new "currency war".

The other hand, domestic by developed economies continue to introduce monetary easing, renminbi continuous appreciation gradually decreases, the price advantage of foreign trade. Not long ago, the central bank responsible person also said that China is prepared to deal with international currency war preparation. Will China be pulled into the "currency war"? How to protect their own interests?

Xu Hongcai [microblogging], the China International Economic and Exchange Center, China is neither necessary nor possible to join the currency war. Xu Hongcai, we now need to focus on their own problems, not to be led by the nose. Currency war it is not necessary to overstate the grounds that the degree of internationalization of the yen itself is relatively low, it is not a highly influential international currency, and it maintains a loose monetary policy, the main purpose is to solve their own to ask - long-term currency crunch, weak economic growth.

Xu Hongcai, from 1993 to 2012, the the yen average annual inflation growth of only 0.2%, which is a very big problem. Increase the money put in the yen may be devalued, but to promote Japanese exports may increase imports from a certain sense, this is beneficial for the global economy. In addition, Japan's 2% inflation target is unlikely to be realized, because of Japan's weak economic growth the main reason is the aging of society, resources and frequent industrial hollowing own real economy, not currency caused. Currency over promote economic growth and I am afraid that will be greatly reduced.

Xu Hongcai, we should focus on the monetary policy of the United States, because of the large spillover effects of monetary policy in the United States, may be a result of commodity prices, emerging economies, inflation and capital flows are greatly affected.

Xu Hongcai the face of the complex international situation, China should calmly deal with to maintain the independence of their own policies, our goal is to solve the problem of domestic economic growth and inflation, to ensure stable and rapid economic development of the monetary and credit, as well as social reasonable scale of financing needs have moderate growth; Second, should unswervingly promote market interest rates and the exchange rate market-oriented reforms, and steadily push forward the opening up of the capital account. The most important thing is to further encourage financial innovation, to develop the venue derivatives and financial derivatives. In addition, crude oil (92.90, -0.60, -0.64%) futures should also be introduced, as well as the securitization of credit assets to expand and further promote the internationalization of the RMB. In short, the blacksmith still need its own hardware.