People's Bank of China: Continue to implement a moderately loose monetary policy and promote the internationalization of the RMB
BlockBeats News, December 12: The Party Committee of the People's Bank of China held a meeting, and the third point of the meeting minutes stated: Continue to implement a moderately loose monetary policy and accelerate the supply-side structural reform of finance. Promoting stable economic growth and a reasonable price increase is an important consideration of monetary policy. Flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate reductions, grasp the intensity, pace, and timing of policy implementation, maintain liquidity adequacy, promote the low-level operation of the overall social financing cost, strengthen financial support for the real economy. Smooth the monetary policy transmission mechanism, optimize the use of structural monetary policy tools, strengthen coordination with fiscal policy, incentivize and guide financial institutions to support expanding domestic demand, technological innovation, and key areas such as small and micro-enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The fifth point of the meeting minutes stated: Steadily promote high-level financial openness and safeguard China's national financial security. Practice global governance initiatives, actively participate in and promote global financial governance reforms and improvements. Pragmatically conduct financial diplomacy and multilateral and bilateral currency and financial cooperation. Promote the internationalization of the Renminbi. Continuously build and develop a multi-channel, widely covered Renminbi cross-border payment system. Steadily develop the digital Renminbi.
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