本轮外界对中国货币政策走向的猜测,与数月来人民币政策频繁出台不无关系。其中,地方债务置换最容易引发市场对“量化宽松”的联想,但银行资产组合的变动并非量化宽松或“中国版QE”。货币政策走向引猜测自2014年11月22日央行开启本轮降息降准周期以来,央行迄今已经实施了3次降息和2次降准,金融机构存贷款基准 The current round of speculation over the trend of China’s monetary policy has been linked to the frequent issuance of RMB policies in recent months. Among them, the local debt replacement is most likely to trigger the market “QE ” association, but the changes in bank assets portfolio is not quantitative easing or “Chinese version of QE ”. Monetary policy toward speculation Since November 22, 2014 the central bank opened this round of cut interest rates cut since the central bank has so far implemented three interest rates cut and 2 RRR, financial institutions deposit and lending benchmark