PBoC vows to boost credit support

Central bank also aims to stabilise money growth

BEIJING: China’s central bank chief vowed to stabilise the supply of credit and boost the amount of money supporting smaller businesses and the real economy, after both credit and the economic growth slowed in July.

The People’s Bank of China (PBoC) will keep monetary policy stable with a good cross-cyclical design and will support high-quality economic expansion with “appropriate money growth,” according to a statement late Monday after a meeting with banks.