Latest News:  
Beijing   Thundershower/Overcast    28 / 22 ℃  City Forecast

Home>>China Business

China reiterates prudent monetary policy for 2012

(Xinhua)

14:33, July 16, 2012

BEIJING - The central bank reiterated Friday that the country will continue to implement a proactive fiscal policy and prudent monetary policy in 2012.

The statement was released by the People's Bank of China after data showed that growth in the world's second-largest economy slowed for a sixth quarter, rising 7.6 percent year on year during the April-June period.

China's economy is facing a complicated environment both at home and abroad and the government's macroeconomic regulations are challenged by increasing dilemmas, the central bank said, citing the downward pressure on economic growth and lower profits for some companies.

The central bank vowed to enhance the role of finance in supporting the real economy and beef up services to boost demand and the development of small enterprises.

The country will move ahead with interest rate reforms and step up efforts to develop a market-oriented benchmark interest rate system, it said.

It also pledged to improve the exchange rate formation mechanism for the yuan and maintain the basic stability of the currency while expanding the currency's use in cross-border trade settlement and investment.

To stabilize economic growth, the central bank last week announced cuts in benchmark interest rates for the second time in a month this year.

It has also cut the reserve requirement ratio - the amount of cash banks are required to hold as reserves - three times since November to bolster the economy.

Email|Print|Comments(Editor:李倩、厉振羽)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Chinese and Indonesian special operation troops in shooting training

  2. Large amout of dead fish float at south lake in Wuhan

  3. Best time to treat your organs

  4. A guide to cool down in the summer heat

  5. Bastille Day military parade held in Paris

  6. China hit the road to boost growth

Most Popular

Opinions

  1. Clinton’s Asia trip takes economic turn
  2. Vatican needs to adapt to local systems
  3. Commercial property market a bubble to explode
  4. Assad inextricable part of peaceful transition
  5. Naval exercises routine, not warning to Japan
  6. Hanoi will feel pain for helping US return
  7. Cooperation keeps China-Africa ties strong
  8. China won't yield to Japan's moves over disputes
  9. Sea spat can draw mainland and Taiwan closer
  10. New regulations a chance to build clean govt

What's happening in China

Desperate husband to pay back hospital

  1. Suspect accused in mall fire that claimed 10 lives
  2. Mainlanders heading overseas up 20%
  3. Rescue hero may lose both legs
  4. Desperate husband to pay back hospital
  5. Food safety fears gnaw at intl stores

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai