PBOC’s Chen: Will Upgrade Fiscal Support for the Positive Economy

On Thursday, the central bank's Deputy Governor, Chen Yulu, said in a press conference that the People’s Bank of China (PBOC) will escalate monetary backing for positive economic growth.

May 12, 2022 - 11:20 AM 264 views

PBOC’s Chen: Will Upgrade Fiscal Support for the Positive  Economy

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On Thursday, the central bank's Deputy Governor, Chen Yulu, said in a press conference that the People’s Bank of China (PBOC) will escalate monetary backing for positive economic growth.

At the same press conference, Han Wenxiu, a senior official of the China’s Community Party, said that they are aiming for brand-new incremental policies to strengthen the economy and will take necessary steps when needed.

Furthermore, Han added, "China targets to implement existing policies in the first half of the year."

The Market Reaction

Despite these upbeat comments, the USD/CNY currency pair reaches a high of 0.7565 in October 2020.Currently, the pair is trading at 6.7483, above 040% in a day.

In the meantime, the AUD/USD pair is below 0.25% in a day and now it is trading at 0.6917. 

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