Omega Management logo

China central bank reaffirms it will step up support for real economy

BEIJING, Oct 30 (Reuters) – China’s central bank will step up credit support for the real economy while keeping the yuan basically steady, Governor Yi Gang said in comments published on Sunday, reaffirming the bank’s existing policy objectives.

“We will keep liquidity reasonably ample, increase credit support to the real economy,” Yi was quoted by a central bank statement as saying during a parliament session on Friday.

“Going forward, China has the conditions to maintain a normal monetary policy as long as possible and maintain the stability of the currency’s value.”

China’s economy rebounded at a faster-than-anticipated clip in the third quarter but a more robust revival in the longer term will be challenged by persistent COVID 19-related curbs, a prolonged property slump and global recession risks.

The central bank will keep the yuan basically stable while enhancing its flexibility, Yi said.

The central bank will make 200 billion yuan…

Read more…