China’s central bank to step up policy adjustments, drive price rises

China’s central bank said on Thursday it would step up macroeconomic policy adjustments to support the economy and promote a rebound in prices.

The People’s Bank of China (PBOC) will keep liquidity reasonably ample and guide the reasonable growth of credit, it said in a statement after a quarterly meeting of its monetary policy committee.

The central bank also pledged to step up the implementation of monetary policy that has been put in place.

The government has in recent months announced a series of measures to shore up China’s feeble post-pandemic economic recovery, which is being held back by a property slump, local government debt risks and slow global growth.

China will promote the stable and healthy development of the real estate market, meeting the reasonable financing needs of real estate companies of different ownerships, it said.

It will also boost financial support to enterprises and key groups to stabilise and expand jobs, and drive and stimulate more private investment, the PBOC added.

China will ensure yuan stability and resolutely guard against the risk of exchange rate overshooting, it said.
Source: Reuters (Reporting by Kevin Yao and Ella Cao in Beijing, Twinnie Siu in Hong Kong. Editing by Jane Merriman, Kirsten Donovan)