China’s cenbank to keep yuan stable, step up cross-cyclical adjustments

FILE PHOTO: A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee

February 11, 2022

HONG KONG (Reuters) -China’s central bank on Friday said it would keep liquidity reasonably ample and step up cross-cyclical adjustments to support the economy.

The People’s Bank of China (PBOC), the central bank, will meet the reasonable financing demands of the real economy while not resorting to flood-like stimulus, it said in its fourth-quarter implementation report.

The bank said it would step up financing support for key sectors and weak links of the economy.

The central bank will also fend off systemic financial risks and will not use real estate as short-term method of stimulating the economy, it said.

It will keep both the macro leverage rate and the yuan exchange rate basically stable, it added.

(Reporting by Kevin Yao; Additional reporting by Twinnie Siu and Ella Cao; Editing by Philippa Fletcher)

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