💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

China's central bank says economic growth resilient despite large pressure

Published 12/31/2019, 11:01 PM
© Reuters. FILE PHOTO: A woman walks out of the headquarters of PBOC in Beijing

BEIJING (Reuters) - China's central bank said on Wednesday that economic growth remains resilient despite relatively large downward pressure and mounting external uncertainty.

The People's Bank of China (PBOC) will work on preventing and defusing financial risks amid "profound changes" in the domestic and international economy, it said in a statement following the fourth-quarter meeting of its monetary policy committee.

The PBOC said it will keep the yuan exchange rate balanced and stable and use multiple monetary tools and flexible policy to maintain liquidity.

It also said it will keep M2 money supply and social financing growth in line with nominal gross domestic product (GDP) growth.

China's economic growth has cooled to near 30-year lows.

© Reuters. FILE PHOTO: A woman walks out of the headquarters of PBOC in Beijing

Though economic activity has shown hints of a pick up recently, analysts widely expect Beijing to roll out further stimulus measures in 2020 to avert a sharper slowdown.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.