8月22日，央行行长周小川对媒体表示，任何货币工具的使用都不排除。

August 22，Central bank governor zhou xiaochuan said to the media，The use of any monetary tools will not rule out the possibility。

　　周小川是在参加社科院一个学术论坛的间隙，回应“近期央行频繁使用逆回购工具，准备金和利率工具使用会否减少”的问题时作出上述表示的。

Zhou xiaochuan is participating in academy of an academic BBS clearance，response“The central bank recently frequent use of reverse repurchase tool，Reserve and interest rate tools use will not reduce”When the problem of made the remarks。

　　此前一天，央行共开展了2200亿元逆回购，其中，7天期逆回购1500亿，14天期逆回购700亿，创下了单日逆回购规模的历史新高。也令市场认为，央行调节流动性或将更多依靠公开市场操作，而非使用调降存款准备金率来释放资金。

After a day，The central bank has carried out a total of 220 billion yuan reverse repurchase，the，Seven days period reverse repurchase 150 billion，14 days period reverse repurchase 70 billion，A single day reverse repurchase scale a record high。Also makes the market think，The central bank liquidity adjustment or will rely more on open market operation，Rather than use a reduction in the rate of deposit reserve funds to release。

　　央行数据显示，金融机构7月外汇占款环比减少约38.2亿元，扣除贸易顺差和FDI，仍有跨境资金在逃离，而外汇占款的减少意味着央行基础货币投放也将减少，增加了银行间市场流动性的压力。

Data showed that the central bank，Financial institutions funding of July foreign exchange link reduce about 3.82 billion yuan，Deduct trade surplus and FDI，There are still cross-border capital in escape，And funding of foreign exchange to reduce means that the central bank monetary base on the will also reduce，Increased the interbank market liquidity pressure。

　　“但是公开市场的操作，包括逆回购都是有期限的，流动性压力或许会在不同的时点显现出来，这和降低存款准备金率的效果还是有很大区别。”一位商业银行资金部人士对《每日经济新闻(博客,微博)》记者表示，他认为如果8月份外汇占款继续减少，且经济下行趋势没有发生好的转变，央行可能仍需要释放更多的宽松政策，“周行长的回应给市场打了预防针，但实际上我们认为准备金率已经可以下调了。”

“But open market operation，Including reverse repurchase is deadline，Liquidity pressure may be in different points of the show，This and lower the deposit reserve rate effect still have very big distinction。”A commercial bank to ZiJinBu people《Daily economic news(blog,Micro bo)》reporters，He thinks that if August continue to cut funding of foreign exchange，And economic descending trend did not happen good transformation，The central bank may still need to release more loose policy，“Week President response to the market playing a shot，But the fact is that we think reserve ratio can be cut。”

　　但现在对于实体经济而言最大的难题可能并不是银根的松紧，而是有效需求的减少。7月人民币贷款增加5401亿元，低于市场此前预期。据媒体报道8月上半月，工、农、中、建四大行新增人民币贷款投放700亿左右。

But now to the entity economy in the biggest problem may not be monetary policy of the elastic，But effective demand reduction。July RMB loan an increase of 540.1 billion yuan，Less than the market had expected。According to media reports on August first half，work、agriculture、in、To build four line new RMB loan on the 70 billion or so。

　　在此前发布的《二季度货币政策执行报告》中，央行首次提出了“有效解决信贷资金供求结构性矛盾”。显然，目前货币阀门的松动并没有对需求的回暖起到明显的提升作用，宏观经济仍然表现欠佳。

Prior to the release《The second quarter monetary policy implementation report》in，The central bank is put forward for the first time“Effectively solve the credit capital supply and demand structural contradictions”。obviously，At present monetary valve loose and not to demand milder play a significant role of ascension，Macroeconomic still poor performance。