China will step up implementation of its prudent monetary policy and stabilize employment and prices in an effort to consolidate and improve the economy’s upward trend amid growing downside risks to the global economy, its central bank said on Wednesday. .
Beijing will maintain ample liquidity, guide commercial banks to expand medium- and long-term lending, and maintain reasonable growth in the money supply and scale of social financing, the People’s Bank of China said in its monetary policy implementation report. of the third quarter.
“We will attach great importance to the potential possibility of future inflation, especially changes on the supply side,” the central bank added, pledging to keep price levels basically stable.
The world’s second-largest economy is facing a series of headwinds, including prolonged Covid-19 restrictions, global recession risks and a housing slowdown.
The economy suffered a broad slowdown in October amid the Covid-19 lockdowns, as industrial production grew more slowly than expected, retail sales fell for the first time in five months and the housing contraction intensified.
The negative data poses a challenge for Chinese policymakers as they navigate the $17 trillion economy through a complex landscape following recent moves to ease some Covid-19 restrictions and provide financial support to the struggling real estate sector.
On the weakening of the yuan against the dollar, the central bank said that China will further loosen the currency’s exchange rate and keep the yuan stable within a reasonable level.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
