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The
People's Bank of China (PBOC), in a statement after the
conclusion of a quarterly meeting of its monetary policy
committee, promised to use aggregate and structural policy tools
to boost confidence in the economy.
"At present, global economic growth is slowing, inflation is
running at a high level, geopolitical conflicts continue, and
the external environment is becoming more complex and severe,"
the PBOC said.
"Economic development is facing triple pressures of shrinking
demand, supply shock and weakening expectations."
China's favourable conditions of stable and increased grain
output and a stable energy market will help keep domestic
inflation basically stable, the central bank said.
China's economy has recovered to some extent, but its foundation
is not solid, state media on Tuesday quoted Premier Li Keqiang
as saying.
Central bank governor Yi Gang said earlier this week that
China's monetary policy would continue to be accommodative to
support the recovery.
The PBOC will improve the market-oriented interest rate regime,
promote the reduction of comprehensive financing costs for
enterprises, and support banks to replenish capital, it said in
the statement.
The central bank also reaffirmed its stance of making the yuan
exchange rate more flexible and keep the yuan basically stable.
(Reporting by Kevin Yao and Beijing Newsroom; Editing by Andrew
Heavens and Alison Williams)
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