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China has the conditions and will maintain a “normal” monetary policy to ensure the stable value of the yuan and increase financial support to the real economy, according to an official report on the country’s financial work. “It is another sign that China will emphasize stability in its financial policy, at a time when global financial markets face increasing turmoil under radical US monetary policy, Chinese experts commented.
According to a report presented by the State Council to the 37th Session of the Standing Committee of the 13th National People’s Congress, China is in a position to maintain a “normal monetary policy” for as long as possible and maintain currency stability. The report was delivered by Yi Gang, head of China’s central bank.
“China will maintain the growth of the money supply and the scale of social financing at the speed of nominal economic growth, unlock the transmission mechanism of monetary policy, and strengthen the stability of credit growth to realize the far-reaching effects of financing on the expansion of the economy. investment, stimulating consumption and supporting employment”, reads the report.
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