PBOC Governor Yi: Instead of Cutting Interest Rates, Policy Assistance Strives to Increase Lending.

People's Bank of China (PBOC) Governor Yi Gang stated that the central bank's monetary policy support prioritises increasing credit above lowering interest rates in an exclusive interview with China Global Television Network on Monday, according to B

June 28, 2022 - 12:20 PM 284 views

PBOC Governor Yi: Instead of Cutting Interest Rates, Policy Assistance Strives to Increase Lending.

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© PBOC Governor Yi: Instead of Cutting Interest Rates, Policy Assistance Strives to Increase Lending.

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People's Bank of China (PBOC) Governor Yi Gang stated that the central bank's monetary policy support prioritises increasing credit above lowering interest rates in an exclusive interview with China Global Television Network on Monday, according to Bloomberg.

Important Quotes

"Will continue to be accommodating to promote the overall economic recovery."

After accounting for inflation, China's "actual interest rate is fairly low," indicating that there may not be much potential for further rate decreases.

The "priority priorities" of the central bank are to keep prices constant and increase employment

The Market Reaction

Following Yi's remarks, the yield on the benchmark Chinese government bond stabilised on Tuesday after falling 1 basis point to 2.82 percent. The USD/CNY exchange rate was last seen trading at 6.6965, up 0.09 percent today. As of this writing, the AUD/USD pair is attempting a little bounce near 0.6925, remaining essentially flat for the day.

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