China's central bank has no intent to tighten or relax monetary policy, a v...
BEIJING - China’s central bank has no intent to tighten or relax monetary policy, a vice governor said on Thursday, as the market debates how much more support Beijing will give the economy after surprisingly resilient data was released last week.
On the contrary, said Liu, if the central bank has not conducted reverse repos for a few days, it does not mean monetary policy is about to tighten. Those tools are designed to adjust short-term liquidity, he added. Liu said the prudent monetary policy remains neither too tight nor too loose, and the PBOC does not want to see a liquidity crunch nor a market awash with cash.Although the central bank’s easing bias remains unchanged, it sees less room this year for cutting reserve requirement ratios - the share of cash banks must hold as reserves - as fiscal stimulus plays a bigger role in spurring growth, according to government advisers involved in internal policy discussions.
Sun Guofeng, head of the PBOC’s monetary policy division, told Monday’s briefing the central bank would follow a pattern of conducting targeted medium-term lending facility operations in the fourth week of the first month of every quarter.
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