Business News Asia
The governor of the People’s Bank of China (PBOC) reiterated his pledge to make the RMB exchange rate more flexible and promised to improve monetary policy.
The PBOC said it would maintain the stability of the yuan at an appropriate level and pledged to protect currency stability and promote economic growth. The PBOC will work to create a modern central banking system. This is an important task set at the CPC meeting.
It also insists on supporting financial regulations and strengthening the system for protecting financial and economic stability.
The PBOC has cautiously eased monetary policy this year and is increasingly relying on new commands and tools to encourage bank lending and stimulate economic sectors such as real estate and small businesses.
In contrast to the Federal Reserve’s (Fed) rate hike, the yuan fell to its lowest level since 2007.