At Session 34 on March 29th.-What's the Next Move on Unconventional Monetary Policies, Zhou Xiaochuan (Governor, People's Bank of China) commented on the current situation of Chinese monetary policies by saying that we are not back to normal but on our way to a New Normal, with the help of UMPs. 

He called it “a New Normal” because we have abolished or modified some old monetary policies and introduced more instruments and setups now and such changes are beneficial to the whole economy system in China. He mentioned that during the financial crisis of 2008, not only the US, Japan, and the Eurozone has difficulty in overcoming and recovering from that crisis; China too, had to put in a lot of effort in order to recover from the financial crisis. But the difference was that China’s original monetary policies weren’t the same monetary policies that the US, Japan, and Eurozone.