China's central bank stresses management of liquidity, social financing

08:40, March 29, 2011      

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The People's Bank of China (PBOC), the central bank, said Monday that the country would work to improve its prudent macro policies, boost effective liquidity management and keep financing from all sources at a reasonable level.

To keep prices stable, China will strictly implement a prudent monetary policy, make that policy more targeted, flexible, and effective, and employ multiple monetary tools, said an online statement summarizing a quarterly meeting of the PBOC's monetary policy committee.

The Chinese government has stressed keeping financing from all sources at a reasonable level in this year's government work report, and it expected the broad money supply (M2) to increase by 16 percent this year, down from 17 percent last year.

Efforts should be made to optimize China's credit structure, increasing loan support to both key and weak sectors rather than to industries with high emission and pollution levels, or to those with excessive capacity, it said.

China will further improve the formation mechanism of the yuan exchange rate and keep it basically stable at a proper and balanced level, it said.

China's credit condition is heading towards the government-set macro control target, but the country is still facing a complicated economic and financial environment, with fragile global recovery and outstanding problems in the domestic economic development, it added.

This year, China has made curbing inflation a top priority and implemented a prudent monetary policy.

The PBOC has increased the bank reserve requirement ratio three times this year and raised the benchmark one-year borrowing and lending rates in February.

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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(Editor:张心意)

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