The Tsinghua – St. Louis Federal Reserve Bank Monetary Policy and Financial Stability Conference was held on May 21st and 22nd, 2016 at PBC School of Finance, Tsinghua University. The conference is hosted by ZHOU Hao, associate dean and UniGroup Chair Professor at Tsinghua PBCSF. On issues of Monetary Policy System, American Monetary Policy Normalizations and etc, YI Gang, deputy governor of the People's Bank of China, WU Xiaoling, dean of Tsinghua PBCSF, James Bullard, chairman of St. Louis Federal Reserve Bank gave keynote speeches at the conference.

Dean WU Xiaoling believes the negative interest rate, which will deprive from currency owners, do harm to Banks’ balance sheet, play a negative factor in deposit growth and real economy’s financing, and certainly have boundaries, may not be as perfect as the supporters expected. YI Gang joined a deep conversation with scholars presented around the issue of the transformation of China’s Monetary Policy System.  James Bullard believes that through a very slow process, the Federal Open Market Committee is raising the monetary market interest rate to the lower limit of zero interest rate.