China's central bank vows to step up policy support for the economy
FXI•China's central bank pledged to step up counter-cyclical adjustments and continue an appropriately loose monetary policy to support growth and achieve annual economic goals. It also said it would maintain low borrowing costs and safeguard stable stock, bond and foreign exchange markets.
1. Policy support plans
The People's Bank of China said it would step up counter-cyclical adjustments, expand domestic demand and optimise supply as it seeks to achieve the country's annual economic development goals. It described challenges including weak demand, structural imbalances and external shocks.
2. Monetary and market measures
The central bank said it would continue an appropriately loose monetary policy, adjust policy tools in a timely manner and maintain low overall borrowing costs. It also pledged to keep the yuan basically stable at a reasonable and balanced level, strengthen financial support for domestic demand, technological innovation and infrastructure, and safeguard stable stock, bond and foreign exchange markets.
