Unconventional Monetary Policies Response to the Global Financial Crisis

Face the financial crisis, major central banks not only unconventionally use the traditional monetary policy tools, but also take a large number of radical unconventional monetary policy tools. This paper clarifies the differences among the various forms of unconventional monetary policy. Each country´s economic and institutional circumstances are different and may require a different approach to unconventional monetary policy. The PBoC adopted moderately easy monetary policy, taking a series of flexible and effective measures to send the signal of maintaining economic growth and stabilizing market confidence. As the financial crisis ends and recovery begins around the world, central banks are under pressure to work out their exit strategy from various forms of unconventional monetary policy.