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PBoC: China to step up ‘prudent’ monetary policy

China’s economy faces downward pressure due to COVID-19 and external shocks, and the central bank will ‘increase the implementation of prudent monetary policy’ to support the real economyGovernor Yi Gang of the People’s Bank of China (PBoC) told Reuters over the weekend.

The news adds that PBoC Governor Yi made the remarks via video conference during the G20 finance leaders’ meeting in Indonesia, the People’s Bank of China said in a statement on Saturday.

On the other hand, Reuters also cites a comment in the Chinese state-run newspaper Securities Times, which mentions that “China’s monetary policy has ample room and enough tools, including a further cut in banks’ reserve requirements, to deal with new challenges amid a shaky economic recovery“.

It should be noted that Xinhua cites the Chinese Vice Premier, Liu He, to urge stronger action to boost employment.

Source: Fx Street

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