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05 Aug 2019, Gergana Bencheva, EMIS Editor

China’s central bank vows to continue prudent monetary policy in H2 2019

The People's Bank of China (PBOC) committed to continue implementing prudent monetary policy in the second half of 2019, Economic Info reported referring to the institution’s official statement. The bank vowed to adopt counter-cyclical adjustments to keep the liquidity at a reasonable level.

The PBOC also promised to boost supervision and control of funds in the real estate market and continue to expand market access. Furthermore, it aims to promote greater cross-border use of the Chinese yuan and speed up the development of China's legal digital currency (DC/EP).

In the meantime, the bank underlined that the growth pace of M2, a broad measure of money supply that covers cash in circulation and all deposits, should be commensurate with the growth in nominal GDP, Economic Info noted.

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Original source: Economic Info