Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

China central bank calls for more policy coordination to support growth

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/15/2019 | 08:33am EDT
Headquarters of the PBOC, the central bank, is pictured in Beijing

BEIJING (Reuters) - China's central bank on Monday called for more coordination between the country's monetary policy, fiscal policy and other policies as Beijing seeks to fend off risks and maintain stable economic growth.

Some positive changes have occurred in the structural adjustments of the Chinese economy in the first quarter, but deep problems remain amid uncertainties, the People's Bank of China said in a statement on its website following a quarterly meeting of its monetary policy committee.

The PBOC did not elaborate on what the structural adjustments have been.

The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. It repeated that Beijing will not resort to "flood-like" stimulus.

Iris Pang, Greater China economist at ING, expects the tax cuts and additional infrastructure spending planned by the government to amount to 4 trillion yuan ($596.45 billion) this year.

"With a sizeable 4 trillion yuan fiscal stimulus this year and a monetary easing policy that has created 40 percent credit growth in the first quarter alone, we expect the Chinese economy to grow above the 6 percent lower boundary target set by the government," said Pang in a note on Monday.

China will report the first-quarter economic growth pace on Wednesday.

A Reuters poll showed that growth likely cooled to the weakest pace in at least 27 years, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March.

To encourage more lending, the PBOC has already slashed banks' reserve requirement ratio (RRR) five times over the past year and is widely expected to ease policy further in coming quarters to spur lending and reduce borrowing costs, especially for small and private firms vital for growth and job creation.

The central bank will seek a balance among currency exchange rate, interest rate and international balance of payment, the PBOC said, adding that it will steadily push forward interest rate reforms.

The yuan currency will be kept basically stable, it said.

(This story corrects figure from 40 percent to 4 percent in paragraph six)

(Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:38pPRESIDENT OF RUSSIA : Ceremony for the first LNG shipment from the Cryogas-Vysotsk plant
PU
12:33pHOEVEN : USGS to Update Its Oil and Gas Estimate for the Williston Basin
PU
12:24pWirecard says all subsidiaries are audited, denying FT report
RE
12:19pCLOUDINARY : Sees Record Growth, Rising Demand for its Digital Asset Management Solution
BU
12:08pAGRICULTURAL MARKETING SERVICE : USDA Increases the Salable Quantity and Allotment Percentage for Class 3 (Native) Spearmint Oil for the 2018-2019 Marketing Year
PU
12:02pNasdaq hits record, S&P nears all-time high on upbeat earnings
RE
11:54aU.S. trade panel locks in steep duties on steel truck wheels from China
RE
11:53aEuro falls on weak German business morale, stocks slip
RE
11:53aCITY OF RICHMOND CA : Automated Phone Inspection Scheduling System - Planning & Building Services
PU
11:50aEuro falls on weak German business morale, stocks slip
RE
Latest news "Economy & Forex"
Advertisement