People's Bank of China Calls for More Forward-Looking, Flexible and Targeted Monetary Policy

According to Jin10, the People's Bank of China said it would maintain reasonable growth in aggregate financial volume and implement a moderately accommodative monetary policy, while making policy more forward-looking, flexible and targeted. It said it would use and adjust monetary policy tools as appropriate based on domestic and international economic and financial conditions and financial market operations, calibrating the strength, pace and timing of measures. The bank also said it would maintain ample liquidity, align growth in total social financing and the money supply with economic growth and its overall price-level target, and continue to provide a suitable monetary and financial environment. It would closely monitor monetary policy changes at major overseas central banks and strengthen analysis of liquidity supply and demand in the banking system and developments in money markets.