为中国经济把守了10年流动性水龙头，小川先生已经65岁了，今年“两会”后他将卸任干了10年的央行行长。作为近些年中国金融改革重要的设计师，周小川的一举一动都备受全球市场关注，一言一行都被充分挖掘解读其意，这不仅是因为他是央行行长，更因为他是重要经济体中国的央行行长。在即将卸任之际，外国媒体高度评价，称其为中国最具能力的技术官僚。

As China's economy keep liquidity faucet for ten years,Coulee Sir Is 65 years old,This year"lianghui"He will be the outgoing dry 10 years of central bank governors.In recent years as China's financial reform important designer,Zhou xiaochuan movements are very global market focus,Words and deeds are fully mining reading it,This is not only because he is the central bank governor,More because he is important economies China's central bank governor.On the occasion of the former,Foreign media highly,Say it is China's most ability technical bureaucracy.

　　的确，周小川技术能力非常高，在应对金融危机、治理通胀方面显示了高超的技术水平。可是，也因为这10年央行资产负债表快速扩张，货币超发推高通胀而受到质疑和指责。

indeed,Zhou xiaochuan technology ability is very high,In dealing with the financial crisis/Management inflation that show the superb technical level.but,Also because of this decade, the central bank balance sheet expansion,Monetary super hair push up inflation and questioned and criticized.

　　饱受争议的行长 Controversial President

　　周小川是建国以来任期最长的央行行长，是有着博士学历的央行行长，也是饱受争议的央行行长。在他2002年从戴相龙手中接管央行之初，中国的广义货币M2是18.3万亿元，10年间广义货币打着滚儿地往上翻，截止到2013年1月31日，总量为99.2万亿，特别是2008年金融危机后中国的货币信贷总量一度失速，M2/GDP的比值一度接近2。最近，著名娱乐明星兼经济学家郎咸平就通过微博炮轰称“中国荣膺2012年全世界最大印钞机的桂冠”。

Zhou xiaochuan is the longest term since the founding of the central bank,Is a Ph.D. Degree of central bank governors,The central bank is controversial.In his 2002 dai xianglong from hand over at the beginning of the central bank,China's M2 is 18.3 trillion yuan,10 years broad money to upgrade a roll over,By the end of January 31, 2013,Total for 99.2 trillion,Especially after the financial crisis in 2008 China's currency credit amount once stall,M2 / GDP ratio was close to 2.recently,Famous entertainment star and economists lang larry is through the micro bo cannon says"China is the world's largest of 2012 the crown of the managers".

　　而流动性似水，又如蜜。过量的货币在经济体内游走，只要它流过的地方就会鼓起一个个小包，其最终结果是造成水位上涨。结果是，老百姓手里的钱毛了！房价一个劲儿地疯涨！2005年，周小川在中国银行(601988,股吧)家论坛上曾经谈道，不要让老百姓手里的钱毛了，可结果还是毛了。从历史统计来看，虽然周小川任内的10年是中国通胀水平较为温和的10年，但是2011年通胀水平一路走高，到了7月份创下了6.5%的三年新高。令周小川不得不每月都上调存款准备金率，最高时商业银行存款准备金率达到惊人的21.5%，这才最终驯服了通胀之虎。

But liquidity is,And like honey.Too much money in the economic body migration,As long as it flows through the place will take a parcel,The end result is caused by the rise of water level.The result is,Common people hand money to the hair!With a soaring house prices!In 2005,,Zhou xiaochuan in the bank of China(601988,guba)Home on the BBS once said,Don't let common people hand money to the hair,But the results or the hair.From the historical statistics to see,Although zhou xiaochuan watch ten years is China's inflation moderate ten years,But in 2011 the way high inflation,In July to hit a record high of 6.5% three years.Every month to zhou xiaochuan had to raise deposit reserve rate,The highest commercial bank deposit reserve ratio at an astonishing 21.5%,It finally tamed inflation of the tiger.

　　因此，民众纷纷将物价上涨抱怨到周小川头上，对于这种说法，估计周小川也觉得有点委屈，毕竟央行的能力范围有限，而且中国的货币目标又是多重的，既要保持低通胀，还要维持就业促进经济发展，维持国际收支平衡。要同时满足这些目标，只怕是神仙也难做到。“货币超发这个说法，接近上世纪六七十年代时所谓的‘非经济发行’的概念，是超过实体经济需要量的货币供应。但实际上货币供应不仅是满足实物经济的需要，还需满足服务业及金融市场的需要。”2011年3月18日，周小川在央行一次学术讲座上谈道，他认为调控货币供应量与央行保持物价稳定之间并无必然联系。他认为凡药三分毒，吃药肯定有副作用，在金融危机后中国经济率先复苏，将货币政策回调为中性或者正常，“总体来讲行动还是比较快”。

so,People have to complain about rising prices to zhou xiaochuan head,The notion,Estimates zhou xiaochuan also feel a little injustice,After all, the central bank's capacity limited range,And China's monetary targets is multiple,Not only to keep inflation low,To maintain employment to promote economic development,To maintain the balance of international payments.At the same time to meet these goals,Faith is the fairy also difficult to do."Monetary super hair this statement,Close to the s on the so-called‘Non-economic issue’concept,The real economy is more than the amount of money supply.But the fact is that the money supply is not only meet the needs of the real economy,Still need to meet the needs of the service and financial markets."In March 2011, and day,Zhou xiaochuan in central bank an academic lecture tour on,He thinks to control money supply and the central bank to keep prices stable and no necessary connection between.He thinks that every medicine 3 minutes poison,Take the medicine must have side effects,After the financial crisis on China's economy takes the lead in recovery,The monetary policy callback for neutral or normal,"General action or faster".

　　事实上，忌惮于欧债危机蔓延，周小川扣动加息扳机的速度还是有点慢了。“我现在回顾起来，如果能够再做快一点，也许更好一点。”周小川不讳言当时货币政策的滞后性，但对于百年一遇的经济危机前瞻性判断很不容易，以至于他黑发染霜。“可以说，央行的工作还是蛮操劳的。”在2009年“两会”上，周小川谈及应对危机过程中，每天得到的信息较此前增加了几倍，而且很难用过去的经验、分析框架来对待今次问题，挑战很大。而他的满头银发也成了媒体关注的焦点。

In fact,Fear in the debt crisis spread,Zhou xiaochuan pull the trigger interest rates of speed or a bit slow."I now in retrospect,If we can do it again a bit faster,Maybe better."Zhou xiaochuan didn't mince matters when monetary policy lag,But for economic crisis prospective judgment is not easy,That he black hair dye cream."Can say,The central bank's work or a work of."In 2009"lianghui"on,Zhou xiaochuan talked about in the process of coping with crisis,Every day after the information is increased several times,And it is difficult to use the experience of the past/Analysis framework to treat this time problem,Great challenge.And he's the silver-haired has become the focus of media attention.

　　爱绕弯子的行长 The governor of love beat about the bush

　　周小川年轻时曾经在黑龙江852农场劳动，可并没有学会丝毫东北人的豪爽，“周小川说话爱绕弯子”。这是记者们对他的一贯印象。这一点跟美联储主席格林斯潘有点像，资本市场曾经一度根据他的公文包来判断投资玄机，周小川也是这样，谨慎寡言，特别是提到存款准备金率和利率这些重要的政策的时候，记者更是难以从他口中套到只言片语。“像一位老师面对期末考试前来套题的学生，既严肃又狡猾。”记者如是评价央行新闻发布会上周小川的表现。

Zhou xiaochuan when young once in heilongjiang 852 working on the farm,It did not learn a bit of northeast roundly,"Zhou xiaochuan speak love beat about the bush".This is the reporters to his consistent impression.This point with federal reserve chairman Alan greenspan, a bit like,Capital market once according to his briefcase to determine investment mystery,Zhou xiaochuan also is such,Care were,Especially mentioned deposit reserve ratio and interest rate these important policy,Reporters from his mouth is hard to set a few words."As a teacher in the face of the final exam to sets the topic the student,Stern and cunning."Reporter so evaluation central bank news conference zhou xiaochuan performance.

　　周小川是最难搞懂的行长，去年“两会”期间，周小川在央行举办的新闻发布会上，面对“人民币升值是否已经结束”这个问题，回答了两段话。他总结说，“我想这个事主要取决于市场供求关系，不会那么简单”。这一表态被诠释成了两个结论截然相反的版本——英国《金融时报》刊发题为《中国暗示人民币可能停止上涨》，而美国《华尔街日报(博客,微博)》的标题则是《北京暗示人民币的上涨还未结束》，真是令人啼笑皆非。同样乌龙的事情还有，2010年两会，周小川微笑着对记者比了一个“六”的手势，意思是6日发布会上再回答问题，结果几分钟后，网上就传出“周小川暗示6月加息”，这令A股在尾盘也被吓得跳了一下水。

Zhou xiaochuan is the most difficult to understand of the President,Last year"lianghui"period,Zhou xiaochuan in central bank held a news conference,In the face of"The appreciation of the renminbi is end"The problem,Answer two paragraphs.He concluded,"I think it depends on the relation between market supply and demand,Won't be so simple".This comment was interpretation became two conclusions different version - Britain[Financial times]Published titled[China suggests that the yuan may stop up],And the United States[The Wall Street journal(blog,Micro bo)]Title is[Beijing hinted that the rise in the yuan is not over],It was a Thursday.The same things and oolong,In 2010 two meetings,Zhou xiaochuan smiled at the reporter than a"six"gestures,Meaning is 6 conference to answer this question,Results after a few minutes,Spread online"Zhou xiaochuan suggested that interest rates in June",This makes A share in the tail plate was also scared to jump A launching.

　　给周小川贴上难搞懂标签的还有“池子”，这是他2010年11月在北京大学一次演讲中抛出来的提法——“池子关热钱”，他说“短期投机资金进来了，我希望把它放在一个池子里，而不是放到整个中国的经济中去。等它需要撤退时，将其从池子里放出来，让它走。这样都能在宏观上减少资本流动对中国经济造成的冲击。”在周小川任内10年，我国外贸一直保持双顺差局面，热钱对中国虎视眈眈，特别是危机后中国强劲复苏之时。为避免热钱大进大出引发经济大幅波动，周小川决定把热钱关进“池子”。具体是什么“池子”？资本市场和媒体都百思不得其解，直到2011年央行持续上调存准，众人方才恍然大悟——原来周行长心里的池子就是存准呀。

To the zhou xiaochuan labeled as difficult to understand label and"pool",This is he in November 2010 in a speech at Peking University thrown out of the formulation --"Pool off hot money",He said"Short-term speculative capital came in,I hope to put it in a pool,Not in the whole of China's economy to.And it needs to be retreated,From the pool will be put out,Let it go.This can be in the macroscopic reduce capital flow on the impact of China's economy."Zhou xiaochuan watch in ten years,Our country foreign trade to keep double surplus situation,Hot money on China's eye covetously,Especially after the crisis of China's strong recovery.In order to avoid the hot QianDaJin big causes economic fluctuations,Zhou xiaochuan decided to put the hot money put into"pool".What is the specific"pool"?The capital market and media are scratching their heads,Until 2011, the central bank raised for save quasi,They have take a tumble - originally week President heart pool is save quasi ah.

　　对于一直强调逆周期调控的周小川来说，公开市场操作和存准率是他最得心应手的两大法宝，流动性紧了，阀门就松一松；松了，就再紧一紧。金融危机后他很少动用利率这个重型武器，一直用回购和存准来小心翼翼地调节流动性。这也是具有中国特色的创造，国外央行一般是单一目标（CPI）和单一工具（利率），而在周小川治下，目标和工具都很多。

To have been emphasized countercyclical regulation for zhou xiaochuan,Open market operation and save the accuracy is his most handy two magic weapon,Liquidity tight,The valve will loose a pine;loose,Then a tight tight.After the financial crisis he seldom use interest rate the heavy weapons,Have been using repurchase and save quasi to carefully control liquidity.This is the creation of with Chinese characteristics,Foreign central Banks are generally single target(CPI)And single tool(Interest rates),And in under zhou xiaochuan,Goals and tools are many.

　　灵活创新的行长 Agile innovation of the President

　　所以，如果不把全球最具灵活创新奖颁发给周小川，于理也说不过去。从2000年任职证监会主席到2002年以来任职央行行长，周小川一直是个创新求变的官员。在他被任命为第四届证监会主席之日，沪深股市以大幅高开之态来迎接这位新锐官员。虽然在2年任期内，他运气欠佳，赶上了股指冲高下行的冰河期，但是证券市场上三件大事要追溯到周小川：其一是QFII；其二是股权分置改革；其三是证监会放权。这些市场化改革之举为中国资本市场健康发展奠定了基础，但也因为“改革脱离证券市场发展现状和承接能力”而让他背上了“股市杀手”之名。

so,If you don't give the world's most agile innovation prize awarded to zhou xiaochuan,In principle also said not the past.From 2000 to 2002 in securities regulatory commission chairman office since the central bank governor,Zhou xiaochuan has always been a innovate officials.After he was appointed chairman of the fourth day of the CSRC,Shanghai and shenzhen stock market with considerably high open the state to meet the new officials.Although the two years in office,His bad luck,Catch up with the stock index impact against done ice age,But stock market three important event dates back to zhou xiaochuan:One is the QFII;Secondly, the reform of non-tradable shares;The third is to the CSRC.The marketization reform for China's capital market for health development has laid a foundation,But also because"From the current situation of the development of the securities market reform and accept ability"And let him on the back"Stock market killer"The name of.

　　对于这些周小川不会为之所动，就如他当初主导国有商业银行股份制改革一样，那时市场上不断传来“贱卖论”等反对意见，但是周小川坚持“股份制改革和发行上市”的改革路径。2002年，境外媒体批评中国金融体系是个大定时炸弹，也有人说，中国的金融体系技术上已经破产，那时银行业的不良贷款率高达25%，由于统计口径实际上25%都打不住。就是在这样的背景下，周小川开始拆弹，2004年1月，注资国有商业银行方案浮出水面——动用了外汇储备，而不是此前传闻的财政部发债1300亿元直接注资。对于这惊天举动，市场人士评价说“注资是国有银行改革中最难啃的一块骨头。但周小川绕过了财政这一环，用外汇储备注资。这点体现了他的灵活性。他是一个很现实的人”。

For these zhou xiaochuan not moved,Just as he had dominant state-owned commercial bank joint-stock reform,At that time the market continuously came"Offering theory"And opposition,But zhou xiaochuan insist on"Joint-stock reform and listed"Reform path.In 2002,,Overseas media criticism of China's financial system is a big time bomb,Also someone says,China's financial system technology is bankrupt,Then banking bad loans as high as 25%,Due to the statistical caliber actually DaBuZhu 25%.It is against this background,Zhou xiaochuan began to dismantle to play,In January 2004,State-owned commercial bank capital injection plan surface - the use of the foreign currency reserves,Rather than previously rumored the ministry of finance FaZhai 130 billion yuan direct capital injection.For this blockbuster move,Market participants said evaluation"Capital injection in the reform of state-owned Banks is difficult task of a bone.But zhou xiaochuan bypass the financial this ring,In foreign currency reserves capital injection.This reflects his flexibility.He is a very practical person".

　　现实是很骨感的，在2005年央行启动“汇改”以来，周小川就不断面临着各种各样的挑战。1998年亚洲金融危机之后，索罗斯给新兴经济体上了一堂外汇课，各国纷纷加大了外汇储备，但对于中国这头大象而言，单一汇率工具显然远远不够。2005年在国内投资过热得到抑制，美联储持续加息的有利环境下，当年7月份央行启动了汇改，实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，并对美元一次性升值2%，由此人民币汇率开始浮了起来。

The reality is very bone sense,In 2005 the central bank start"Remit to"since,Zhou xiaochuan have been faced with various challenges.1998 years after the Asian financial crisis,Soros to emerging economies have an exchange class,Various countries increased foreign currency reserves,But for China in terms of the elephant,A single rate tool obviously not enough.In 2005, domestic investment overheat, be suppressed,The federal reserve hikes in the interest rate of a favorable environment,July this year the central bank launched by change,Implement based on market supply and demand/With reference to a basket of currencies regulation/A managed floating exchange rate system,And the dollars a one-off revaluation of 2%,The RMB exchange rate began to float up.

　　“汇改”是周小川政治生涯中浓墨重彩的一笔，因此他被国际媒体称为“人民币先生”。“我不喜欢这个称呼。”周小川明确表态，“如果因为我说话对人民币有影响，才叫我人民币先生，我觉得这个称呼不合适。但如果是因为人民币汇率改革，那倒是未尝不可。”此后，这位“人民币先生”顶着国内外舆论的压力，灵活推动“汇改”继续前行。最近几年，随着外汇市场的快速发展，人民币汇率浮动区间也由0.3%扩大至1%，市场供求在汇率形成中发挥了越来越大的作用。“固定汇率好比是手上一个盾牌，得拿住坚持不动，否则就会受到影响和冲击。而浮动汇率相当于一个海绵垫子，你要打进来，可以，但不让你打到我，你撤的时候我再夹一下你。”周小川说道。浮动汇率为中国应对外部冲击提供了缓冲。

"Remit to"Zhou xiaochuan political career is absorbing,So he was called the international media"Mr Yuan"."I don't like this call."Zhou xiaochuan said clearly,"If because I speak to RMB have influence,Just call me Mr. Yuan,I think this call don't fit.But if it's because of the RMB exchange rate reform,That's no reason why not."Since then,the"Mr Yuan"Top the domestic and international public opinion pressure,Agile promote"Remit to"To move on.In recent years,With the rapid development of foreign exchange market,The RMB exchange rate floating range from 0.3% to 1% and expand,The market supply and demand in the exchange rate has played a more and more important role."Fixed exchange rate is like hand a shield,To take hold still,Otherwise they will be affected and impact.And floating exchange rate as a sponge cushion,Do you want to come in,can,But don't let you hit me,From you when I'll clip your."Zhou xiaochuan said.Floating rate to cope with external impact China provides a buffer.

　　周小川还创新性地提出了以特别提款权（SDR）来取代美元的外汇储备地位，以及大力推动利率市场化改革。当前货币、债券市场、理财产品以及境内外币存贷款利率正在逐渐市场化，特别是去年中两次降息均未非对称，这是迈向自由利率的重要一步。不过，对于这些未竟之事，已经当选为12届政协委员的周小川或许不必操心了，已过花甲的他可能真的要休息了，尽管外媒传说他还将任政协副主席并兼任央行行长，但这不过是挽留他的一种心情罢了。

Zhou xiaochuan also put forward the innovative with Special Drawing Rights(SDR)To replace the dollar reserves status,And vigorously promote market-oriented interest rate reform.The currency/Bond market/Financial products and domestic foreign currency interest rate marketization is gradually,Especially in the last two cuts were not asymmetric,This is an important step towards free interest rates.but,What about these things,Has been elected as the 12 members of CPPCC of zhou xiaochuan maybe don't have to worry about the,Sixty years has he might really want to have a rest,Although the medium legend he will also let CPPCC vice chairman of the central bank and concurrently,But this is only keep one of his mood just.