Ma Jun thinks PBOC need not directly buy new-released local debt to implement QE. PBOC has directional refinancing, interest rate, rrr and various adjusting tools enough to maintain reasonable liquidity and steady growth of currency and credit. In this year, our country will maintain a prudent monetary policy. This keynote was clear and reiterated in the Central Economic Working Conference and the government work report of March.

resource: http://fddi.fudan.edu.cn/index.php?c=research&a=show&rid=451