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PBOC To Implement Appropriately Loose Monetary Policy
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Recently, the People's Bank of China (PBOC) released the “China Financial Stability Report (2024)”, which suggested the implementation of appropriately loose monetary policy and the comprehensive use of various monetary policy tools to maintain abundant liquidity, so that the growth of the scale of social financing, money supply and the expected goals of economic growth and the overall level of prices are in par with the targets. Looking ahead, the Chinese economy’s stable foundation, numerous advantages, high resilience and great potential, and the supporting conditions and basic trend for long-term improvement, will remain intact, the report mentioned. The financial system will fully implement the spirit of the 20th National Congress of the CPC and the 3rd Plenum of the CPC, seriously implement the decisions and deployments of the Chinese central Economic Working Conference and the Central Financial Working Conference, adhere to the general principle of seeking progress while maintaining stability, enforce the new development concept in a complete, accurate and comprehensive way, better co-ordinate development and security, and implement more proactive macro-policies. China will implement an appropriately loose monetary policy, comprehensively utilize a variety of monetary policy tools, and maintain abundant liquidity, so as to match the growth in the scale of social financing and the supply of money with the expected goals of economic growth and the overall price level, the report said. The resilience of the foreign exchange market will be enhanced, market expectations be stabilized, and the exchange rate of RMB be kept basically stable at a reasonable level, said the report. China will better support the key areas and weak links of high-quality development, and make utmost efforts in the five major areas, namely science and technology finance, green finance, inclusive finance, pension finance and digital finance. AAStocks Financial News |
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