05/01/2024 – 10:29
The People's Bank of China (PBoC) announced this Friday, 5th, that it plans to improve the credit structure in 2024 and use “a variety of monetary policy tools” to maintain “reasonable” levels of liquidity in the financial system. “We will also ensure that the scale of social financing continues to grow rapidly throughout the year”, pointed out the central bank, in a statement released after a conference held between the 4th and 5th of January.
These objectives are part of a plan defining ten goals of the Chinese Central Bank for 2024. Among other measures, the PBoC reinforced its commitment to maintaining the stability of the yuan – facilitating the use of the currency in international transactions – and expanding the opening of some sectors of the Chinese economy, for example, facilitating foreign participation in the bond market.
The central bank further stated that it will guide financial institutions to “rationally utilize debt restructuring, replacement and other means” to support risk resolution.
The PBoC also highlighted that it will strengthen the monitoring and analysis of operations in the real estate market, in addition to promoting a series of initiatives to support the sector.
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