China seeks to ‘strengthen intensity, accuracy’ of monetary policies amid credit uptick

China’s central bank has pledged to further ramp up countercyclical monetary policies to support high-quality economic development, as credit data signalled a slight improvement in money supply growth.

The People’s Bank of China said it would “adhere to a supportive monetary stance” and “strengthen the intensity and accuracy” of monetary policies, according to comments from governor Pan Gongsheng released on Monday.

“[China would] keep liquidity reasonably ample, and lower the financing costs for businesses and households”, Pan said.

“We must resolutely prevent the risk of the exchange rate overshooting and maintain the basic stability of the yuan exchange rate at a reasonable and balanced level.”