China's central bank vows stronger macro policy moves to shore up economy

BEIJING (Xinhua): China's central bank on Sunday (June 28) vowed stronger macro-economic policy adjustment as well as better fiscal, monetary, and employment policy coordination and implementation to counter the impact of Covid-19 on economic growth.

The country will pursue a prudent monetary policy in a more flexible and appropriate way, and put boosting the real economy and sustainable development at a more prominent position, the People's Bank of China (PBOC) said in a statement released after a quarterly meeting of its monetary policy committee.

The country's economic growth faces challenges as the situation of the global Covid-19 pandemic and world economic development remains grave and complex, the central bank said.

The central bank said it will use a variety of monetary policy tools and develop new ones to maintain liquidity at a reasonable and sufficient level, according to the statement.

It will encourage financial institutions to enhance support for the real economy, especially small and micro companies as well as private firms.

The country will further promote high-standard opening-up of the financial sector, while improving its economic and financial management capabilities as well as those for risk prevention and control.

The central bank also vowed to deepen interest rate reforms and maintain the basic stability of the yuan exchange rate within a reasonable and balanced range. - Xinhua