BEIJING, Dec. 24 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, has said it will maintain ample liquidity to ensure that the growth of aggregate financing for the real economy and the supply of money align with economic growth and price targets.
This will also help lower the overall financing costs for the real economy, according to a PBOC statement released on Wednesday following the central bank monetary policy committee's fourth quarterly meeting, which outlined the key directions for future monetary policy.
Efforts will be made to strengthen the guiding role of central bank policy rates, improve the market-oriented interest rate formation and transmission mechanism, leverage the self-regulatory pricing mechanism for market interest rates, and enhance the implementation and supervision of interest rate policies, according to the meeting.
Work will also be done to strengthen the resilience of the foreign exchange market, stabilize market expectations, guard against the risk of exchange-rate overshooting, and keep the RMB exchange rate basically stable while being adaptive and maintaining equilibrium, the meeting said.
It noted that various structural monetary policy tools should be effectively implemented, and that financial support should be enhanced for the expansion of domestic demand, sci-tech innovation, and small and medium-sized enterprises. ■
