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PBOC backs easy policy stance

THE People's Bank of China yesterday reiterated it would adhere to a moderately easy monetary policy and continued implementation of the government's economic stimulus package.

The central bank said a stable and relatively rapid economic development would continue to be the top priority of the macro controls in the second half, and the policy would be "consistent" and "stable."

The bank also said it will use a set of monetary policy mix to coordinate a "reasonable" credit structure based on market rules, and to make loan extensions more sustainable.

Chinese banks lent a record 7.37 trillion yuan (US$1.08 trillion) in the first half to shore up the economy.

The PBOC reiterated the new credit should nurture the real economy, and should be conducive to economic growth and industrial restructuring.

It asked local lenders to give equal financial support to infrastructure construction, technology innovation and small businesses.

On Thursday, Premier Wen Jiabao said the country should stick to a moderately easy monetary policy.


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