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Central bank pledges flexible, precise implementation of monetary policy

Updated: Jun 29,2021 06:59 AM    Xinhua

BEIJING — China will implement its monetary policy in a flexible and precise way and strike a balance between economic recovery and risk prevention, the central bank has said.

In a statement released after a quarterly meeting of its monetary policy committee, the People's Bank of China (PBOC) has pledged efforts to keep the economy running within an appropriate range and ensure that it reaches a higher level of equilibrium during the course of the recovery.

The prudent monetary policy should stay flexible, precise, reasonable and moderate, said the PBOC, stressing to keep macro leverage ratio basically stable and liquidity at a reasonable and ample level.

The PBOC will strengthen efforts to facilitate inclusive finance and guide financial institutions to increase support for sectors such as innovation, small and micro enterprises, as well as green development.

The central bank said it will also deepen market-oriented reform of exchange rates, increase the yuan's flexibility while keeping the currency's exchange rate basically stable at a reasonable and balanced level.

Work will be done to establish a mechanism that allows the financial system to effectively support the real economy, promote high-level two-way financial opening and improve the country's management and risk control capabilities, said the statement.

The PBOC will set up tools to boost coal emission reduction and improve the green financial system to help achieve the carbon peak and carbon neutrality targets, it said.

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