Because the real interest rate is seriously low, the speed of money circulation is relatively fast, which counteracts the effect of controlling the growth of money supply, fails to curb the overheating of investment by effectively adjusting the cost of capital use, and objectively contributes to the economic recovery and the excessive rise of asset prices.
Fan Jianping suggested that the interest rate regulation in 2008 should be based on the needs of domestic economic operation, and should not be limited by the spread between China and the United States. It is necessary to choose to raise interest rates independently to eliminate negative interest rates and make the interest rate level close to the equilibrium interest rate. In order to prevent the influence of excessive loan interest rate on the growth of the real economy, we can choose asymmetric interest rate increase, that is, temporarily keep the loan interest rate unchanged and only increase the benchmark interest rate of deposits, so as to realize the real benchmark interest rate of deposits from "negative" to "positive". Adhere to the non-convertibility under capital and strengthen the monitoring of short-term international capital. Strengthen the inspection of the inflow and settlement of foreign exchange funds, and strengthen the settlement of short-term foreign debts of enterprises and financial institutions. Establish and improve the monitoring system of overseas funds flowing into domestic stock market and housing market.
On the issue of RMB exchange rate, Fan Jianping believes that the flexibility of RMB exchange rate should be further enhanced, the fluctuation range of RMB against the US dollar should be appropriately expanded, and the daily fluctuation range of RMB against the US dollar in the inter-bank spot foreign exchange market should be changed from 5% to 5%. Expand to 1%. It is necessary not only to realize the appreciation of RMB against the US dollar, but also to guide the real effective exchange rate of RMB basket currency to realize a small appreciation. In order to improve the international status of RMB, it is necessary to expand the scope of RMB trade settlement and try RMB overseas financing. Expand the scope of RMB bonds issued by overseas institutions in China and allow RMB to be used abroad.