BEIJING :China's central bank said on Friday it would implement prudent monetary policy in a 'precise and forceful manner' to support economic growth and employment, amid a slowdown in the economy's recovery from the COVID pandemic.The People's Bank of China will continue to keep the yuan basically stable and
BEIJING :China's central bank said on Friday it would implement prudent monetary policy in a"precise and forceful manner" to support economic growth and employment, amid a slowdown in the economy's recovery from the COVID pandemic.
The tightening effect of central bank policies in developed countries was continuing, and international financial market volatility has intensified, a PBOC statement said. The PBOC will make better use of its aggregate and structural policy tools to stabilise growth, employment, effectively support domestic demand, including consumption, and provide more forceful support for the real economy, it said.
Several major banks have cut their 2023 growth forecasts after May factory output and retail sales data missed forecasts, indicating Beijing would need to take further steps to shore up the post-COVID recovery.
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