The People's Bank of China, the nation's central bank, assured the market on 27th of Sept that it will continue to beef up support for economic recovery instead of paring down stimulus amid the recent uptick in recovery momentum.
China's central bank cut its short-term lending rate, the first such move since August 2022, as the country stepped up measures to consolidate economic recovery and restore market confidence amid downward pressure, analysts said on Tuesday.
While excluding the possibility of a one-sided performance of the renminbi exchange rate, the People's Bank of China will make continued efforts to deepen reform in the foreign exchange market and refrain from drastic ups and downs in the Chinese currency, the country's central bank said in an article released on Tuesday.
The central bank's decision on Saturday to continue supporting Chinese smaller businesses under liquidity pressure will inject greater confidence into the latter and better anchor market expectations, experts said.
China will strive to maintain a stable monetary policy, ensure that prices remain normal and the economy operates within a reasonable range close to its potential level of output, the central bank governor said on Thursday.