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China to use interest rates to steer economy -C Bank
China will use a variety of tools to stabilize economic growth, including using interest rates to steer the economy, the People’s Bank of China said in a summary of its second-quarter policy meeting.
The statement did not explicitly mention tightening monetary policy; instead it pledged to keep monetary policy ‘consistent’.
‘Unfavourable factors in the international economy and serious natural disasters at home have added to uncertainty, but have not changed the fundamentals of China’s economic development,’ it said in a statement posted on its website (www.pbc.gov.cn) on Sunday.
It called for increased supervision of cross-border capital flows, while reiterating plans to keep the yuan ‘basically stable’ at a ‘balanced level’.
It also called for increased support to small companies, through more financing products and capital support, and for increased competitiveness of the financial sector.
