China’s central bank will better implement its prudent monetary policy and create a solid environment to support economic growth and employment, the institution’s vice president, Pan Gongsheng, said on Thursday.
The People’s Bank of China has been trying to boost growth, avoiding aggressive easing that could fuel price pressures and risk cash outflows, as the Federal Reserve and other central banks raise interest rates to fight rising inflation.
“We will better implement prudent monetary policy, strengthen intercyclical and countercyclical adjustments,” Pan told reporters at the Communist Party Congress, which takes place every five years.
“We will create a sound monetary and financial environment to promote economic growth, stabilize employment, prices and the international balance of payments.”
The world’s second-largest economy has gained some steam in recent months after narrowly escaping a second-quarter contraction, but the recovery remains shallow as Covid-19 intensifies and a growing housing slump weighs on the outlook.
China will keep the yuan’s exchange rate basically stable and step up efforts to address financial risks, Pan said.
Source: CNN Brasil
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