Finally, by emphasizing a regulatory fix, and thereby keeping its benchmark policy rate well above the dreaded zero bound, the PBOC is actually better positioned than other central banks to maintain control over monetary policy and not become ensnared in the open-ended provision of liquidity that is so addictive for frothy markets. And, unlike in the West, China’s targeted equity-specific actions minimize the risk of financial contagion caused by liquidity spillovers into other asset markets.
最后，中国人民银行强调监管措施，其基准政策利率仍稳稳地保持在可怕的零区间上方，因此它实际上比其他央行都更能够保持货币政策控制力，不会沦为泡沫市场严重倚赖的无限期流动性提供者。此外，与西方不同，中国专门以股市为目标的措施使得流动性溢出至其他资产市场从而造成金融传染的风险降到最低。