PBOC Governor says monetary policy will provide support for China’s economic recovery

2024 年 6 月 19 日
-FCHFX, 人民币

June 19, 2024 at 03:03AM
People’s Bank of China Governor Pan Gongsheng is speaking at the 2024 Lujiazui Forum in Shanghai”

Monetary policy is supportive

Monetary policy will provide financial support for China’s economic recovery

The weakening momentum of the USD’s rise is a benefit to the yuan

Wants to strengthen counter- and cross-cyclical policy adjustment

PBOC aims to maintain stability in policy

Will prevent the exchange rate from over shooting

Will make flexible use of deposit reserves and other measures

It is difficult to
maintain the overall credit growth rate above 10% as in the past

Conditions for PBOC to trade treasury bonds in secondary market to inject base money have
become gradually ripe

At present, it is
particularly important to pay attention to the risks of holding a
large amount of long-term government bonds and maintain a normal
upward sloping yield

Will particularly
focus on long-term treasury bond risk to keep normal upward yield
curve

People’s Bank of China and Ministry of Finance studying implementation of government bond trading

to gradually introduce sovereign bond trading

more to come

From the website:

Lujiazui Forum was created as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further the financial reform and market opening in China. Named after the financial district of Shanghai, China’s financial capital, the forum also symbolizes Shanghai’s vision of becoming a leading international financial center.

This article was written by Eamonn Sheridan at www.forexlive.com.

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