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Economic conditions were complicated and should not be
underestimated, the People's Bank of China (PBOC) said in a
statement published on its website.
The bank reiterated that it would continue to push forward with
interest rate liberalization and keep the yuan exchange rate at
a "reasonable level", without providing details.
The bank in June issued guidelines for banks to issue
large-scale certificates of deposit to individual and
institutional investors, paving the way for full interest rate
liberalization.
The bank also repeated that it would maintain a prudent monetary
policy and keep liquidity "appropriate".
The rapid decline of China's previously booming stock market,
which by the end of last week had fallen about 30 percent from a
mid-June peak, has been a major headache for top leaders, who
were already struggling to avert a sharper economic slowdown.
Authorities have been rolling out rescue measures almost every
day since late June to calm retail investors.
The government is due to release second-quarter gross domestic
product data on July 15 and many economists expect growth to dip
below 7 percent, which would be the weakest performance since
the global financial crisis.
(Reporting By Winni Zhou and Nicholas Heath; Editing by Simon
Cameron-Moore)
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