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PBOC to continue 'prudent' policies

By Wang Xiaotian  (China Daily)

08:15, January 14, 2013

China's central bank on Friday reiterated its "prudent" monetary stance for 2013 while pledging to strengthen financial reform and avoid risks amid rising inflationary pressures.

The central bank will maintain consistency and stability in its policies, while helping credit supply and total social financing grow steadily, the People's Bank of China said in a statement published on its official website.

The statement was released at the end of the central bank's annual work conference, which set the policy tone for 2013.

The PBOC's focus this year will also be on containing financial risks and promoting reform of the financial system.

"We will strengthen monitoring over financial risks and firmly hold the bottom line of no systemic and regional risks," the PBOC said in the statement, adding that it will enhance supervision over non-financial institutions of funding capability, and accelerate establishment of a deposit insurance system.

But analysts said that as the central bank set lower-than-expected growth targets for monetary supply while more investment projects need capital backup this year, the unavoidable rising dependence on non-bank financing, such as trust loans and bond sales, might pose greater risks for the economy.

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