Former PBoC Deputy Governor Outlines Case for Devaluation

Not directly. Instead, for Deputy Governor Wu Xiaoling says there is too much money and it's too expensive.
2016 Peking University HSBC held June 18-19 Financial Forum, the former central bank vice governor, vice chairman of the NPC Financial and Economic Committee, Wudaokou financial Tsinghua University Dean Wu Xiaoling said that if the real economy is in its structure and development difficulties alone printing money, extend credit does not solve the problem. Thus, whether it is global or China, not his eyes are on the central bank, the central bank can not be expected to use a more relaxed monetary policy to support economic development.

...Wu Xiaoling said that it is the efficiency of the central bank's loose monetary policy is decreasing. She is given a set of numbers: From the founding to 2008, China put in 30 trillion yuan of credit funds, but from 2009 to 2015, spent a total of 63 trillion loans. In other words, we use the seven years before serving 60 years 2 times more credit.
A giant ball of liquidity is rolling through the economy:
Wu Xiaoling said, you can see a phenomenon: China in recent years, the stock market is good, is likely to rise in house prices was just a little slower; when the stock market is not good, some of the housing market will rise faster. When the stock market and the housing market are relatively slow, others who can hype things will be used for speculation, such as tea, garlic and ginger. Bitcoin now also been speculation, as well as illegal fund-raising, the past can be several million dollars, tens of millions of illegal fund-raising is the major cases, and now once the outbreak of illegal fund-raising case, at least tens of millions, several hundred million dollars, several billion. This shows us there's too much money, too much money in the market, wandering, trying to find a good project.
There's plenty of money, but financing is expensive and difficult. The bottleneck is not too little money, but too few opportunities.
"China's economy is now a very big problem is money many and your money are many and difficult financing. " Said Wu Xiaoling, so the current bottleneck of China's economic reform and economic development is not how much money, but our system.
Currency depreciation is inevitable if China cannot clear the bottleneck.

iFeng: 前央行副行长:中国经济一大问题就是钱又多又贵

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