Central bank to continue implementing prudent monetary policy
China's central bank said Wednesday that it will continue to implement the prudent monetary policy in the latter half of 2018 to ensure economic and financial stability.
The People's Bank of China (PBOC) will make policies more forward-looking, flexible and effective, ensure the proper policy intensity and tempo, enhance policy coordination and pay more attention to guiding expectations, according to a statement following a teleconference.
Since the beginning of the year, the central bank has maintained policy stability, and at the same time preset or fine-tuned the monetary policy, realizing reasonably abundant liquidity, the statement said.
"At present, domestic and external economic and financial situations are complicated, so the PBOC faces arduous tasks in doing its work well in the latter half of 2018," the central bank said.
In the second half, the PBOC will encourage financial institutions to enhance support of the real economy and lower financing costs, forestall and defuse financial risks, and continue to improve financial services for small and micro-sized companies and poverty alleviation in areas of deep poverty.
The central bank will also further expand financial opening-up, seek steady progress in making the yuan more international, and make the currency convertible under the capital account in an orderly manner, the statement read.