PBOC to maintain prudence
Source: Xinhua |
February 20, 2012, Monday
|
Print Edition
Print Edition
CHINA'S central bank said yesterday it will maintain a prudent monetary policy as the country faces pressure in supporting growth and containing inflation.
The remarks, made by an official with the People's Bank of China, was quoted in a PBOC press release a day after the central bank unveiled a reserve requirement ratio cut to ease a liquidity shortage and secure growth amid weak external demand.
"Both the pressure of growth moderation and that of price rises exist at the same time. The overall tone of the monetary policy will stay prudent," Jin Qi, assistant to the PBOC governor, was quoted as saying during a meeting held last week.
The current international economic situation is complicated and grim, while China's economic development is still not balanced, coordinated or sustainable enough, said Jin.
The PBOC on Saturday announced a cut in the amount of cash that banks must set aside as reserves, the second of its kind in three months.
The ratio for large commercial banks will drop 50 basis points to 20.5 percent and 17 percent for mid- and small-sized banks, effective on Friday, the PBOC said.
The PBOC cut the ratio in December by 50 basis points after raising it six times last year to cool inflation. It was the first cut since December 2008.
China's economy grew by 9.2 percent annually in 2011.
The consumer price index rebounded to 4.5 percent in January after easing to a 15-month low of 4.1 percent in December.
The remarks, made by an official with the People's Bank of China, was quoted in a PBOC press release a day after the central bank unveiled a reserve requirement ratio cut to ease a liquidity shortage and secure growth amid weak external demand.
"Both the pressure of growth moderation and that of price rises exist at the same time. The overall tone of the monetary policy will stay prudent," Jin Qi, assistant to the PBOC governor, was quoted as saying during a meeting held last week.
The current international economic situation is complicated and grim, while China's economic development is still not balanced, coordinated or sustainable enough, said Jin.
The PBOC on Saturday announced a cut in the amount of cash that banks must set aside as reserves, the second of its kind in three months.
The ratio for large commercial banks will drop 50 basis points to 20.5 percent and 17 percent for mid- and small-sized banks, effective on Friday, the PBOC said.
The PBOC cut the ratio in December by 50 basis points after raising it six times last year to cool inflation. It was the first cut since December 2008.
China's economy grew by 9.2 percent annually in 2011.
The consumer price index rebounded to 4.5 percent in January after easing to a 15-month low of 4.1 percent in December.
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