PBoC: Will guide reasonable credit growth

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  • Prudent monetary policy should be flexible, moderate, precise and effective.
  • Will guide reasonable creditr growth.
  • Will lower firms‘ financing and household credit costs steadily.
  • Will promote the steady decline in the cost of comprehensive social financing.
  • Will maintain fundamental stability of Yuan exchange rate at a reasonable equilibrium level.
  • Will implement measures to prevent and resolve risks in key aread such as real estate, local government debt and small and medium-sized financial institutions.
  • Will also keep liquidity reasonably ample.
  • Will prevent the formation and self-reinforcement of unilateral uniform expectations, guard against risk of exchange rate overshooting.
  • Will conduct stress tests on financial institutions‘ bond asset holdings risk exposure and prevent forex risks.
  • Will gradually increase the purchase and sale of Treasury bonds in the central bank’s open market operations.
  • Will strengthen the authority of policy rates, deliver clearer adjustment target signals of interest rates to market.
  • Will strengthen makret expectation guidance and focus on changes in long-term bond yields as economy rebound.
  • Will strengthen guidance of market expectations, pay attention to changes in long-term bond yields during economic recovery.
  • Will increase construction and supply of affordable housing to meet rigid housing needs of wage earners.
  • Will satisfy demand for working-class groups, support various improvements to housing demand for households in rural and urban areas.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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