China’s central bank says will keep monetary policy prudent, flexible and appropriate

Published January 5, 2020, 12:00 AM

by manilabulletin_admin

By Reuters

BEIJING – China will keep monetary policy prudent, flexible and appropriate, and continue to deepen financial reforms, the central bank said on Sunday, reiterating previous policy statements.

FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
FILE PHOTO: Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

After a work meeting chaired by People’s Bank of China Governor Yi Gang, the central bank also vowed to prevent any financial crisis, and said it would continue to help small companies seeking financing, according to a statement posted on PBOC’s website.

It also said it will continue to let market play a decisive role in the currency exchange rate, but would keep the yuan exchange rate CNY=CFXS stable within a reasonable range.

China’s economic growth cooled to a near 30-year low of 6% in the third quarter, but is expected to meet the government’s full-year 2019 target of 6%-6.5%.

The PBOC on Wednesday cut the amount of cash that banks must hold as reserves for the eighth time in nearly two years, in a bid to shore up the slowing economy.

 
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