BEIJING: China's central bank, The People's Bank of China, said on Sunday (May 10) that it will make prudent monetary policy more flexible and step up counter-cyclical adjustments to support the real economy and fend off financial risks.
The People's Bank of China said it the will continue to deepen lending rate reforms, improve the monetary policy transmission mechanism and guide lending rates lower.
In its first-quarter monetary policy implementation report, the bank added that it would deepen foreign exchange market reform, maintain yuan flexibility and keep the yuan basically stable.The statement also said that China now faces unprecedented economic challenges from the coronavirus pandemic and it will resort to"more powerful” policies to counter the hit to growth.
Policy makers will pay more attention to economic growth and jobs among multiple targets, the central bank said in its quarterly monetary policy implementation report, released on Sunday. It reiterated that prudent monetary policy will be more flexible and appropriate, and that it will maintain liquidity at a reasonably ample level. - Reuters
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