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'Ample' Funds Pledge For Economic Rebound

China's central bank said yesterday the economy is doing "better than expected" in the first quarter, and pledged to maintain "ample" liquidity in the financial system for economic recovery.

China would stick to its moderately easy monetary policy and ensure "ample" liquidity at banks, the People's Bank of China said in its quarterly monetary policy report posted on its Website.

The country has pumped 4.58 trillion yuan (US$670 billion) of new loans into the economy in the first quarter of this year to stimulate growth. The figure is already nearing 5 trillion yuan of new loans targeted for the whole year. In March alone, new loans rose by a record 1.89 trillion yuan.

The central bank said in the first-quarter report it would continue to instruct financial institutions to extend new loans, despite the earlier surge.

There have been "positive changes" in the economy in the first quarter, the bank said, echoing remarks made by Premier Wen Jiabao earlier last month. The quarter-on-quarter growth is improving, compared to the fourth quarter of last year, it said, without giving specific figures.

The central bank said foundations for the recovery are not solid, as uncertainties in the world market still exist and private investment is yet to become active with new lending concentrated on government projects.


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