Macroeconomic Contro Choice at Mid-year：Inflation Fight Still Comes First

摘要

Banks began to issue "IOU notes" to power plants.Lately,a state-owned power plant in the central part of China ran into an abnormal matter.The power plant used to obtain a monthly bank loan to finance its procurement of fuel.But now what it obtains is just "Bank Acceptance Bills" (BA) which can only be converted into cash after a period of time,and the maximum period of time can last 6 months.This is what is called "tight monetary policy". "Bank Acceptance Bills" serve as "money" paid by the power