PBoC Governor Pan stated that China’s economy has tackled risks and challenges in recent years, adding that there is confidence and capacity to overcome economic difficulties.
- Interest rate and RRR tools will be utilized to maintain ample liquidity.
- Reaffirms China plans to increase the fiscal deficit.
- China will remain a driving force for the global economy.
- Policy focus should shift towards investment and consumption.
- Challenges persist in China’s economic development.
- Emphasis will be placed on boosting residents’ consumption demand.
- China’s real estate market is reaching a new equilibrium.
- Will significantly increase China’s national FX reserve allocation in Hong Kong.
- Will support Hong Kong monetary authority to use exchange fund to replenish the offshore renminbi market.
This article was written by Eamonn Sheridan at www.forexlive.com.
