Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Dec. 24 (Xinhua) — The People's Bank of China (PBOC, the central bank) said it will maintain sufficient liquidity to ensure that the growth of aggregate financing of the real economy and money supply is consistent with the forecast for economic growth and the overall price level.
The PBOC said in a statement released Wednesday following the quarterly meeting of the PBOC's Monetary Policy Committee that this would help reduce overall financing costs for the real economy.
As noted by the participants of the meeting, which identified the key directions of future monetary policy, it is necessary to strengthen the guiding role of the Central Bank's interest rates, improve the market mechanism for the formation and transmission of interest rates, utilize the self-regulation mechanism in setting market interest rates, and strengthen the implementation of interest rate policy and its oversight.
It is also planned to work on strengthening the stability of the foreign exchange market, stabilizing market expectations, preventing the risk of excessive exchange rate fluctuations, and maintaining the basic stability of the renminbi exchange rate at a reasonable and balanced level.
In addition, it was noted that various structural instruments of monetary policy should be effectively applied and financial support for the expansion of domestic demand, scientific and technological innovation, and small and medium-sized enterprises should be strengthened. –0–
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