Download
PBOC vows to keep money and credit growth stable
Updated 11:51, 02-Aug-2022
CGTN
People's Bank of China in Beijing, April 13, 2022./CFP

People's Bank of China in Beijing, April 13, 2022./CFP

China's central bank vowed on Monday that it would maintain stable money and credit growth while forestalling financial risks in lenders, according to a statement from a conference planning for the second half of this year.

The People's Bank of China (PBOC) said it would keep liquidity reasonably ample with multiple monetary tools and provide more financial support to small- and micro-sized private enterprises. 

The central bank also pledged to forestall financial risks in small- and medium-sized banks. It also said it would maintain stable financial channels for the real estate sector and require platform companies to complete regulatory rectification. 

It said that efforts would be made to further deepen financial market reforms, including promoting the sound development of the bills, gold, currency and derivatives markets, and expand the pilot cash-pooling program that integrates domestic and foreign currency management for multinationals and strengthen macro-prudential management of cross-border capital flows.

Meanwhile, the PBOC also highlighted the internationalization of the renminbi. It said that it would strengthen the coordination of local and foreign currency policies, consolidate the market foundation of renminbi settlement for trade and investment, support overseas entities in issuing Panda Bonds, steadily push the launch of the "Swap Connect", and improve the liquidity of renminbi financial assets.

China will also deeply engage in global financial governance and continue to take the lead in sustainable finance of the G20, according to the statement. It will further improve the pre-entry national treatment plus negative list management model in the financial sector, to facilitate foreign investment into the Chinese market, the PBOC said.

Search Trends