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Investing.com -- China’s central bank announced Friday it will adjust the intensity, timing, and pace of monetary policy based on economic conditions to support stable growth.
The People’s Bank of China (PBOC) stated it would maintain the yuan exchange rate "basically stable at a reasonable and balanced level" while promoting the currency’s international use, according to a statement released following a meeting on implementing directives from a key Communist Party plenum held earlier this week.
The central bank plans to deepen reforms of the yuan exchange rate formation mechanism and expand the currency’s use in trade as part of its internationalization efforts.
The PBOC also committed to strengthening monitoring of systemic financial risks and supporting efforts to resolve issues related to local government financing vehicles and the real estate market.
Additionally, the bank said it would build a "scientific and prudent monetary policy system" that balances short and long-term needs, while maintaining stable operation of stock, bond, and foreign exchange markets.
These announcements came after the bank met to implement guidance from the recent Communist Party plenum.
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