China's central bank will make its policy more 'precise and forceful'.
China will promote a sustained economic recovery, focussing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday.
The report is significant because it is the first time the governor has commented on policy after the publication of third-quarter economic data. It outlines the authorities’ near-term priorities and was delivered to the country’s Parliament.
The country will keep the yuan stable, prevent the risk of abnormal fluctuations in cross-border fund flows and maintain stability in the foreign exchange market, Pan said. It will also guide financial institutions to help resolve local government debt risks, including debt risks of local government financing vehicles, he said.
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