Economic news

China’s central bank to keep policy support for economy

2024.02.08 07:57


© Reuters. FILE PHOTO: Paramilitary cops stand guard in entrance of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo/File Photo

BEIJING (Reuters) – China’s central bank on Thursday stated it could keep policy versatile and exact to enhance home demand, whereas sustaining worth stability, amid indicators of a patchy financial restoration and rising deflationary dangers.

In its quarterly policy implementation report, the People’s Bank of China stated the authorities face some difficulties and challenges in selling an financial restoration amid world uncertainties.

“Prudent monetary policy should be flexible, moderate, precise and effective… and keep the scale of social financing and the money supply in line with the expected goals of economic growth and price levels,” the bank stated.

The central bank will “strengthen policy coordination and cooperation, effectively support promoting consumption, stabilising investment, expanding domestic demand, and maintaining prices at a reasonable level”, it stated.

The world’s second-largest economy has been grappling with weak client demand and slowing costs, forcing the central bank to ease policy, though it faces restricted room to manoeuvre due to worries over capital flight and yuan stability.

Data on Thursday confirmed China’s client costs fell at their steepest tempo in additional than 14 years in January whereas producer costs additionally dropped, ramping up strain on policymakers to do extra to revive an economy low on confidence and dealing with deflationary dangers.

The PBOC stated it could “promote the marketisation of deposit interest rates to drive the overall interest rate level downward.”

The bank added that it could additionally make good use of its pledged supplementary lending facility to support the property market, which weighs heavy on China’s financial development prospects regardless of having as soon as being a pillar of the economy.

The bank reiterated that it could keep the yuan trade charge mainly secure at an affordable degree.

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