China’s central bank said on Thursday that it was looking into creating more structural tools to support innovation, domestic consumption and exporters, as it strives to help the Chinese economy ride out a period of heightened global uncertainty.
Pan Gongsheng, governor of the People’s Bank of China (PBOC), also reiterated pledges to cut interest rates and the reserve requirement ratio (RRR) for commercial banks to boost economic growth during the meeting.
“We will utilise a range of monetary policy tools, including open market operations, to ensure ample liquidity and align money supply and social financing growth with economic and inflation targets,” he said.
The moves are in line with Beijing’s decision to shift China’s monetary policy from a “prudent” to a “moderately loose” stance for 2025, as policymakers focus on stimulating consumption.
