China Will Accelerate the Implementation of its "Prudent" Monetary Policy, says PBOC Governor Yi

According to Governor Yi Gang of the People's Bank of China (PBOC), "China's economy is under downward pressure as a result of COVID-19 and external shocks, and the central bank will "increase implementation of prudent monetary policy" to support the

July 18, 2022 - 11:36 AM 306 views

China Will Accelerate the Implementation of its "Prudent" Monetary Policy, says PBOC Governor Yi

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According to Governor Yi Gang of the People's Bank of China (PBOC), "China's economy is under downward pressure as a result of COVID-19 and external shocks, and the central bank will "increase implementation of prudent monetary policy" to support the real economy," according to Reuters over the weekend.

The People's Bank of China stated in a statement on Saturday that PBOC Governor Yi delivered the remarks via video link as the G20 financial leaders were gathering in Indonesia.

The statement "China's monetary policy has considerable latitude and sufficient tools, including further decreasing banks' reserve requirements, to cope with new problems despite a weak economic recovery" is taken from a commentary that was published in China's state-owned Securities Times, according to Reuters.

It's important to note that Chinese Vice Premier Liu He is quoted by Xinhua as advocating for more aggressive measures to increase employment.

The Forex Market (FX) Reaction

The news supports the AUD/USD price recovery from Friday over 0.6800.

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