UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Type your keywords

China will maintain prudent, flexible monetary policy in second half

Beijing - China's economy has staged a strong rebound from the impact of the Covid-19 pandemic, but recent data has suggested that gains are fading

Read more...
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing. China will focus on maintaining stability in its macro policies over the second half, and will not inject massive liquidity through "flood-like" measures, the bank said. -- Reuters file photo

By Reuters

Published: Sat 31 Jul 2021, 3:07 PM

China will maintain a prudent, flexible and targeted monetary policy in the second half of the year, its central bank said on Saturday, as it seeks to support growth while keeping the digital economy in check.

China's economy has staged a strong rebound from the impact of the Covid-19 pandemic, but recent data has suggested that gains are fading.

Advertising
Advertising

Factory activity in July grew at the slowest pace in 17 months since February 2020 when the impact of lockdowns to control the coronavirus pandemic was first felt. New export orders contracted for three straight months.

China's months-long regulatory crackdown on a range of private companies has also left tech upstarts and decades-old firms operating in a new, uncertain environment.

The People's Bank of China (PBOC), in a statement on its website on Saturday after a meeting on its priorities for the second half of the year, called for "rectifying" e-commerce and other tech companies and said it would "maintain a high level of pressure" on firms speculating in digital currencies.

China will focus on maintaining stability in its macro policies over the second half, and will not inject massive liquidity through "flood-like" measures, the bank said.

The central bank reiterated that China will keep the yuan exchange rate stable within a reasonable and balanced range. -- Reuters

Reuters

Published: Sat 31 Jul 2021, 3:07 PM

Recommended for you