Bank of China to Boost Social Financing and Credit

China’s central bank will use various tools to ensure steady credit growth to support the economy while pursuing financial reform in the face of weakness and uncertainty in the global economic outlook, it said in comments published on Friday.

The statement from People’s Bank of China (PBOC) after its fourth quarter monetary policy committee meeting said the current inflation situation was relatively stable.

“We will use various monetary tools to guide a steady and appropriate growth in credit and social financing,” the central bank said in a statement published on its website, www.pbc.gov.cn

“The overall performance of the country’s financial sector is smooth and favorable factors are also increasing. The current price situation is also basically stable,” it said.

The PBOC also pledged to push ahead with reform.

“We will steadily push forward interest rate reform and yuan exchange rate formation mechanism reform and will keep yuan basically stable at a reasonable and balanced level,” it said.

via CNBC

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