×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: china | central bank | financial system | stable

China's Central Bank Says Financial System Stable

Tuesday, 14 July 2015 09:54 AM EDT

China's central bank said on Tuesday the country's financial system was basically stable and it would maintain prudent monetary policy, while also lowering borrowing costs and increasing the portion of direct financing in social financing.

Economic conditions were complicated and should not be underestimated, the People's Bank of China (PBOC) said in a statement published on its website.

The bank reiterated that it would continue to push forward with interest rate liberalization and keep the yuan exchange rate at a "reasonable level," without providing details.

The bank in June issued guidelines for banks to issue large-scale certificates of deposit to individual and institutional investors, paving the way for full interest rate liberalization.

The bank also repeated that it would maintain a prudent monetary policy and keep liquidity "appropriate."

The rapid decline of China's previously booming stock market, which by the end of last week had fallen about 30 percent from a mid-June peak, has been a major headache for top leaders, who were already struggling to avert a sharper economic slowdown.

Authorities have been rolling out rescue measures almost every day since late June to calm retail investors.

The government is due to release second-quarter gross domestic product data on July 15 and many economists expect growth to dip below 7 percent, which would be the weakest performance since the global financial crisis.

© 2024 Thomson/Reuters. All rights reserved.


Markets
China's central bank said on Tuesday the country's financial system was basically stable and it would maintain prudent monetary policy, while also lowering borrowing costs and increasing the portion of direct financing in social financing.
china, central bank, financial system, stable
223
2015-54-14
Tuesday, 14 July 2015 09:54 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved