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Saturday, September 26, 2015

Xinhua — Central bank vows continuity, stability in monetary policy

The People's Bank of China (PBOC), the central bank, said on Friday that it would maintain continuity and stability in its monetary policy.
Going forward, the PBOC will continue with a prudent monetary policy and be more focused on striking a balance between tight and loose, it said in a meeting regarding the third quarter.
The central bank will employ multiple monetary policy tools to maintain "moderate" liquidity and realize proper expansion in credit and social financing.
It will continue with financial reforms to improve efficiency and try to lower financing costs.
Effort will be made to promote interest rate liberalization, improve the RMB exchange rate mechanism and keep the RMB exchange rate generally stable at an equilibrium level, it added.
Translation: We will try to look more like A Western central bank.

China Daily
Central bank vows continuity, stability in monetary policy
Stressing that China's economy will keep growing at a "medium-high" pace in the coming years, President Xi Jinping has offered reassurance to global investors during his United States visit.
"China's economic fundamentals remain solid and will continue to maintain long-term steady growth," Xi told more than 30 executives from top Chinese and U.S. enterprises in Seattle on Wednesday.…
In the first half of 2015, China's GDP expanded by 7 percent, its slowest pace in nearly a quarter of a century but still standing out from other major economies.
As long as China keeps this up, the country can realize its goal of doubling national GDP and per capita income by 2020 from their 2010 levels.…
China can no longer afford reckless expansion as resource supply and the environment become strained and the external market is limited, Bai said, arguing that the economy will get healthier and stronger by transforming its industrial structure to make it higher-end, cleaner, more innovative and driven by domestic consumption.
"Foreign firms in China should catch up with the transition and upgrade their technologies and strategies in the country," he concluded.

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