PBOC Governor Says Monetary Policy Helping Support Economy
2022.04.22 07:46
© Bloomberg. Yi Gang, governor of the People’s Bank of China (PBOC), speaks during an interview in Beijing, China, on Friday, June 7, 2019. China has
(Bloomberg) — China’s central bank Governor Yi Gang said monetary policy is helping support the economy as it faces growth pressures.
“Accomodative monetary policy is stepping up support for the real economy,” the governor of the People’s Bank of China said on a panel at the Boao Forum for Asia on Friday. He cited recent measures by the PBOC to transfer profits to the central government and support for small and mid-sized businesses.
“We also stand ready to support small and medium enterprises with more instruments if needed,” he said. “We have accommodative monetary policy supporting our real economy throughout this year.”
The PBOC has taken a measured easing approach this year in the face of mounting economic pressure from the country’s worst Covid outbreak since early 2020. The Federal Reserve’s rate hikes are starting to restrict its policy room with foreign investors beginning to pull out funds from the onshore markets, putting pressure on the yuan.
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