中国人民银行行长易纲：货币政策将继续从总量上发力以支持经济复苏

Recently, Governor Yi Gang of the People’s Bank of China (PBOC) was interviewed by China Global Television Network (CGTN) on issues related to mobilizing the financial system to support green transition, climate information disclosure, international cooperation in green finance and monetary policy. The transcript of the interview can be found below.

近日，中国人民银行行长易纲就金融支持绿色转型、绿色信息披露、绿色金融国际合作、货币政策等问题接受了中国国际电视台（CGTN）记者专访，以下为采访实录。

CGTN: Green transition requires massive capital, and the financial system can play an important role in this process. In recent years, what measures has the PBOC taken to encourage financial institutions to support green transition?

记者：绿色转型需要大量资金投入，金融体系可在其中发挥重大作用。近年来，人民银行推出了哪些措施，鼓励金融机构支持绿色转型？

Yi Gang: Central banks can play a very important and positive role in green transition. The international community has reached a consensus about this.

As far as monetary policy is concerned, the first and the most important mandate for central banks is to maintain price stability. Having said that, some central banks still have room to pay attention to structural issues to facilitate green transition, where structural monetary policy could play a role.

To facilitate green transition, the People's Bank of China has done a lot. The People's Bank of China included high-quality green bonds and loans as qualified collateral to the Medium-term Lending Facility in 2018. Last year, we launched two new monetary policy instruments, namely carbon emission reduction facility and special central bank lending facility for green and efficient use of coal, both of which provide funds to qualified commercial banks at a low interest rate of 1.75%.

As of the end of May, the People's Bank of China has provided over 210 billion yuan through the two facilities to financial institutions, which reduced emission by over 60 million metric tonnes of carbon dioxide equivalents, accounting for about 0.6% of China's annual carbon emission.

Moreover, the People's Bank of China issued Green Finance Evaluation Guidance in May 2021, incorporating green loans and green bonds into financial institutions' performance rating, providing the right incentives.

These incentives have helped accelerate green financing. As of March 2022, outstanding green loans in China exceeded 18 trillion yuan, posting a rapid increase. Outstanding green bonds reached about 1.3 trillion yuan, one of the largest in the world.   

In conclusion, central banks can do something to help in green transition. It is important to make the whole society aware of the benefits of green transition.

易纲：央行可以在绿色转型中发挥重要和积极作用，对此国际社会已有共识。

就货币政策而言，央行首要和最重要的职责是维护价格稳定。话虽如此，一些央行仍有政策空间，通过结构性货币政策促进绿色转型。

为促进绿色转型，人民银行做了很多工作。人民银行于 2018 年将优质绿色债券和贷款纳入中期借贷便利的合格抵押品范围，并在去年推出了碳减排支持工具和支持煤炭清洁高效利用专项再贷款两个新的货币政策工具，利率均为 1.75%，支持符合条件的金融机构为具有显著碳减排效应的项目提供低成本融资。

截至今年 5 月末，人民银行通过两个工具向相关金融机构累计发放资金 2100 多亿元，带动减少碳排放超 6000 万吨二氧化碳当量，约占中国年碳排放量的 0.6%。

此外，去年 5 月，人民银行修订印发《银行业金融机构绿色金融评价方案》，将金融机构发放绿色贷款和绿色债券业务纳入央行金融机构评级，以鼓励金融机构为绿色转型提供支持。

上述机制有助于绿色融资快速增长。截至 2022 年 3 月，中国绿色贷款余额已超过 18 万亿元，增长迅速。中国境内绿色债券余额约 1.3 万亿元，在全球位居前列。

总之，央行可以在绿色转型中发挥作用，提高全社会对绿色转型益处的认识至关重要。

CGTN: What has the PBOC done to improve climate information disclosure and prevent fake reporting? What are some achievements?

记者：人民银行在完善绿色信息披露、防止造假等方面做了哪些工作？取得了哪些成效？

Yi Gang: This is very important. The disclosure is important and key issue in green transition. For fair and efficient implementation of green monetary policy tools, we should guard against different kinds of moral hazards, such as green-washing, low-cost fund arbitrage, and green project fraud. Therefore, information disclosure and strict supervision are needed when we design and implement green monetary policy tools. For example, the carbon emission reduction facility requires banks to disclose information on their websites on a quarterly basis about loan amount, interest rate, number of supported projects, and especially, quantity of carbon reduction. The People's Bank of China will verify the information together with other ministries and independent third-party institutions. It is also important for the general public to know this and help to watch.

To promote better management of climate risk, the People's Bank of China conducted the first climate risk stress testing last year, where the biggest challenge was insufficient information disclosure. 

To promote climate information disclosure, the PBOC released the Guideline on Environmental Information Disclosure for Financial Institutions last year, defining requirements on the form, frequency, qualitative and quantitative information of the disclosure, and has guided over 200 financial institutions to prepare environmental information disclosure reports, including procedures to identify and assess, manage and control environmental risks, issuance of green loans and reduced emissions, as verified by third-party agencies. Going forward, we plan to expand the pilot program nationwide.

易纲：信息披露十分重要，是促进绿色转型的关键。为公平高效地实施绿色货币政策工具，在实践中需注意防范 “洗绿”、低成本资金套利、绿色项目造假等各类道德风险问题，因此，在设计和实施支持绿色转型的货币政策工具的全过程中，均要做到信息公开透明、监管严格到位。例如，碳减排支持工具要求金融机构按季度公开披露其发放的碳减排贷款金额、利率、支持项目数，以及贷款带动的碳减排数量等信息，人民银行将会同其他部门和独立的第三方专业机构对披露信息进行核实，公众知悉并对此进行监督也十分重要。

为推动管理气候风险，人民银行去年开展了首次气候风险压力测试，从测试情况看，碳排放信息披露不充分仍是面临的最大挑战。

为促进气候信息披露，人民银行去年发布了《金融机构环境信息披露指南》，对金融机构环境信息披露的形式、频次、应披露的定性及定量信息等方面提出要求，并已指导 200 余家金融机构试编制环境信息披露报告，包括环境风险的识别、评估、管理、控制流程，经第三方专业机构核实验证的发放碳减排贷款的情况及其带动的碳减排规模等信息，未来将适时推广到全国。

CGTN: The PBOC has been actively advancing international cooperation in green finance through multilateral and bilateral platforms. What role has the PBOC played in developing global green finance?

记者：人民银行一直通过多边和双边平台积极推动绿色金融国际合作。在推动国际绿色金融发展方面，人民银行扮演了怎样的角色？

Yi Gang: At the global level, the People's Bank of China has worked with all parties to mobilize social capital to address climate change.

First, China co-chaired the G20 Sustainable Finance Working Group. Last year, the G20 resumed the Sustainable Finance Working Group, co-chaired by the People's Bank of China and the US Treasury. The working group has completed the G20 Sustainable Finance Roadmap as an important global guidance for mobilizing social capital to address climate change. This year, our priority is to develop the framework for transition finance, to guide social capital to support low-carbon transition of high-emission sectors.

Second, we have made progress in harmonizing taxonomies with our European counterparts. The People's Bank of China and the European Commission have been comparing green finance taxonomies since 2020. In November last year, we published the Common Ground Taxonomy, proposing 55 mutually recognized economic activities that could mitigate climate change. We have just upgraded the Common Ground Taxonomy on June 3rd this year, adding another 17 economic activities. The groundbreaking work could facilitate cross border green capital flows. To date, the China Construction Bank and the Industrial Bank have issued green bonds under Common Ground Taxonomy. Some emerging market economies also refer to this taxonomy.

Third, we have leveraged green finance to build a green “Belt and Road”. In 2019, the People's Bank of China offered guidance in launching the Green Investment Principles (GIP) for the Belt and Road, outlining seven principles for green investment. As of May 2022, the GIP membership have expanded to 41 signatories and 14 supporters.

The People's Bank of China is also working with the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), the FSB and the BCBS on various fronts, including regulatory standards for green finance.

Going forward, the PBOC will continue to strengthen international cooperation on green finance through multilateral and bilateral platforms to create an enabling environment for China to achieve the target of carbon peaking and neutrality.

易纲：在国际领域，人民银行与各方一道，积极引导市场资金支持气候变化应对。

一是联席牵头 G20 可持续金融工作组。2021 年初，G20 恢复设立可持续金融研究小组，人民银行和美国财政部任联合主席，牵头制定完成了《G20 可持续金融路线图》，成为国际层面引导市场资金支持应对气候变化的重要指引。今年，我们的重点是推动制定转型金融框架，引导市场资金支持高排放行业稳妥有序地实现低碳转型。

二是与欧方推进绿色金融分类标准趋同取得阶段性成果。2020 年起，人民银行与欧委会开展中欧绿色分类标准比对，并于 2021 年 11 月发布《共同分类目录》，提出了中欧各自绿色金融分类标准共同认可、对减缓气候变化有显著贡献的 55 项经济活动清单。今年 6 月 3 日，人民银行和欧委会发布了《共同分类目录》的更新版，增补了 17 项经济活动。中欧率先推动双方绿色分类标准可比、互通，有利于引导跨境绿色资金流动。目前中国建设银行、兴业银行已发行了《共同分类目录》贴标绿色债券，部分新兴市场国家发布的绿色金融分类目录也参考了《共同分类目录》。

三是以绿色金融打造绿色 “一带一路”。2019 年人民银行指导发起了《“一带一路” 绿色投资原则》（GIP），GIP 对绿色投资提出七条原则。截至 2022 年 5 月，GIP 成员规模扩大到 41 家签署机构以及 14 家支持机构。

此外，人民银行还同央行与监管机构绿色金融网络（NGFS）、金融稳定理事会（FSB）、巴塞尔银行监管委员会（BCBS）等开展多领域交流合作，推动完善绿色金融监管标准。

下一步，人民银行将继续通过多双边平台推动绿色金融国际合作，更好地服务我自身实现碳达峰、碳中和目标。

CGTN: The Chinese economy has been facing some downward pressures, and the RMB exchange rate has depreciated recently. What is the current stance of China’s monetary policy and how would it support economic recovery?

记者：近期中国经济面临一定下行压力，人民币出现一定贬值。当前货币政策的取向如何？将在支持全国经济复苏中发挥怎样的作用？

Yi Gang: China’s monetary policy is accommodative in supporting the real economy. Growth of broad money M2 and total social finance is in line with the nominal GDP growth rate, and provide ample liquidity and support to small- and medium-sized enterprises with the purpose of maximizing employment.

The market interest rate has been stable and trending downward in the past 10 years. The natural interest rate is mainly determined by the marginal productivity of capital and long-term demographic trend.

In China, interest rates are determined by market supply and demand, and the central bank guides market interest rates with monetary policy instruments. Currently, the time deposit rate is 1-2%, and bank loan rate is about 4-5%, and the bond market and the equity market function well. After taking into account of inflation, you can see the real interest rate is pretty low. The financial market makes an efficient allocation of resources.

We have a flexible and market-determined exchange rate system using a basket of currencies as reference. Compared to 20 years ago, RMB has appreciated against the USD by 25%, and appreciated against a basket of currencies by about 30% in nominal terms. The appreciation in real terms is even more.

Inflation outlook is stable in China. Right now, consumer price index is 2.1% and producer price index is about 6.4% on the year-on-year basis. Maintaining price stability and maximizing employment are our high priorities.

This year, we face some downward pressures of growth due to COVID-19 and external shocks, and the monetary policy will continue to be accommodative to support economic recovery in aggregate sense. At the same time, we also emphasize structural policies such as supporting small- and medium-sized enterprises and green transition. 

易纲：中国的货币政策一直是与支持实体经济发展相适应的。广义货币 M2 和社会融资增速与名义 GDP 增速基本匹配，保持流动性合理充裕，支持中小企业发展以实现就业最大化目标。

过去十年来，中国的市场利率水平稳中有降。自然利率水平主要由资本边际产出率和人口长期发展趋势所决定。

中国利率形成机制是由市场供求决定的，中央银行通过运用货币政策工具引导市场利率。目前定期存款利率约 1-2%，银行贷款利率约 4-5%，同时债券和股票市场较为有效地运行。考虑到通胀水平，可以看出实际利率水平是相当低的，金融市场得以有效配置资源。

我国实行的是灵活的、以市场供求为基础，参考一篮子货币进行调节的汇率制度。与 20 年前相比，人民币对美元汇率升值约 25%，对一篮子货币的名义汇率升值约 30%，实际汇率升值幅度更高。

中国的通胀前景较为稳定，CPI 同比增长 2.1%，PPI 同比增长 6.4%。保持物价稳定和就业最大化是我们的工作重点。

今年以来，受疫情和外部冲击等影响，中国经济面临一定下行压力。货币政策将继续从总量上发力以支持经济复苏。同时，我们也会强调用好支持中小企业和绿色转型等结构性货币政策工具。