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Policy

China's central bank to strengthen support for real economy in 2022

January 19, 2022


Abstract : China's central bank said Tuesday that it will guide financial institutions to ramp up support for the real economy, stabilize the macro economy, and foster an appropriate monetary and financial environment for the country's high-quality economic development.

BEIJING, Jan. 18 (Xinhua) -- China's central bank said Tuesday that it will guide financial institutions to ramp up support for the real economy, stabilize the macro economy, and foster an appropriate monetary and financial environment for the country's high-quality economic development.

The People's Bank of China (PBOC) will use multiple monetary policy tools to maintain liquidity at a reasonable and ample level, ensure stable credit growth, and guide financial institutions to increase the credit supply so as to ensure the money supply and social financing expansion will basically match the nominal economic growth rate, said Liu Guoqiang, deputy governor of the PBOC at a press conference.

The central bank will implement market-based policy tools to support small and micro companies, and make good use of the supporting tools for carbon reduction and special reloans for the clean and efficient use of coal, said Liu.

Efforts will also be made to lower overall financing costs for enterprises, he said.

Liu reiterated that the yuan exchange rate should be kept basically stable at an appropriate and balanced level.

"We should let market supply and demand play a decisive role in the formation of the yuan exchange rate, and give full play to the role of the exchange rate as an automatic stabilizer in adjusting the macro economy and international payments," he said.

Liu said that two-way fluctuations, either appreciation or depreciation, of the yuan are normal, and financial institutions should provide exchange-rate risk-management services for micro, small and medium-sized enterprises.

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Keyword: real economy

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