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China central bank affirms flexible monetary policy

  • December 27, 2021
    China central bank affirms flexible monetary policy next year to support growth

    China will keep its monetary policy flexible next year as it seeks to stabilise growth and lower financing costs for businesses amid growing economic headwinds, the central bank said on Monday (Dec 27).

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    At a year-end meeting outlining the work for next year, the People's Bank of China also said it will step up oversight of capital and platform companies, and steadily implement a management system for real estate financing.

    Debt crises at major real estate developers have roiled a property sector that is critical to China's economic growth.

    "A prudent monetary policy is flexible, reasonable and appropriate," the central bank said in a statement.

    The PBOC said it would use multiple policy tools to keep liquidity reasonably ample and ensure that growth in monetary supply and social financing is in line with nominal Gross Domestic Product growth.

    "The PBOC will effectively shoulder the responsibility of stabilising the macro economy and proactively roll out monetary and financial policies that are conducive to economic stability," it said in a statement on its website.

    It said it would aim to increase fluctuations in the Chinese currency while keeping it basically stable on a reasonable and balanced level, while improving market-based pegging of interest rates to reduce financing costs for firms.
  • December 30, 2021
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