PBOC pursues flexible stance
By Aileen Wang and Alan Wheatley |
August 2, 2010, Monday
|
Print Edition
Print Edition
CHINA will stick to a relatively loose monetary stance in the second half of this year, with an emphasis on implementing policy flexibly, the People's Bank of China said yesterday.
The central bank said on its website that it would combine its various policy tools, including open market operations and required reserves, in an appropriate way to further improve the management of banking liquidity.
The notice was in line with the bank's previously stated stance. China's economic leaders have ruled out major shifts in coming months by repeatedly pledging to maintain consistency and stability in fiscal and monetary policy.
"We will implement well our relatively loose monetary policy and strike a balance between economic growth, adjusting the structure of the economy and managing inflation expectations," the central bank said.
The statement summarized a meeting of the PBOC's leadership on how to implement the latest guidance on the economy given by the Communist Party's Politburo and the State Council, China's Cabinet.
The Politburo has said it will maintain its control over China's booming property market, while promoting stable export growth to strengthen the country's recovery.
The PBOC, which met late last week in northwest China's Lanzhou City, said it would promote the healthy development of the property sector by applying different mortgage rates for different types of home buyers.
China has introduced measures to halt property prices in big cities, including higher loan rates and down payments for second and third homes.
The central bank said it would instruct banks to ensure a "reasonable" pace of lending and would curb credit to energy-intensive industries.
China is on a drive to meet ambitious energy-efficiency targets by the end of this year, which some economists say was a reason why the manufacturing sector cooled further last month, according to a survey released yesterday.
The central bank said on its website that it would combine its various policy tools, including open market operations and required reserves, in an appropriate way to further improve the management of banking liquidity.
The notice was in line with the bank's previously stated stance. China's economic leaders have ruled out major shifts in coming months by repeatedly pledging to maintain consistency and stability in fiscal and monetary policy.
"We will implement well our relatively loose monetary policy and strike a balance between economic growth, adjusting the structure of the economy and managing inflation expectations," the central bank said.
The statement summarized a meeting of the PBOC's leadership on how to implement the latest guidance on the economy given by the Communist Party's Politburo and the State Council, China's Cabinet.
The Politburo has said it will maintain its control over China's booming property market, while promoting stable export growth to strengthen the country's recovery.
The PBOC, which met late last week in northwest China's Lanzhou City, said it would promote the healthy development of the property sector by applying different mortgage rates for different types of home buyers.
China has introduced measures to halt property prices in big cities, including higher loan rates and down payments for second and third homes.
The central bank said it would instruct banks to ensure a "reasonable" pace of lending and would curb credit to energy-intensive industries.
China is on a drive to meet ambitious energy-efficiency targets by the end of this year, which some economists say was a reason why the manufacturing sector cooled further last month, according to a survey released yesterday.
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