December 31, 2009, 10.20 am (Singapore time)
China to keep monetary policy loose in 2010: PBOC
BEIJING - Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People's Bank of China governor Zhou Xiaochuan said in a new year's address on Thursday.
In his speech published on the central bank's website, he said the central bank would encourage banks to lend more to new industries, employment-friendly sectors and agricultural production.
The governor also vowed to promote balance in international payments, without elaborating.
Chinese officials have repeatedly pledged in recent weeks that the country will maintain its 'appropriately loose' monetary policy while also enhancing flexibility, which many analysts see as a signal of its intention to step up mild tightening.
The government has already started reining in its ultra-loose policies adopted at the height of the global financial crisis.
Regulators have overseen a marked slowdown in bank lending in the second half of the year and vowed to control lending more strictly in 2010. The government has also wound down some of the tax incentives that have helped fuel property and auto sales. -- REUTERS
China to keep monetary policy loose in 2010: PBOC
BEIJING - Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People's Bank of China governor Zhou Xiaochuan said in a new year's address on Thursday.
In his speech published on the central bank's website, he said the central bank would encourage banks to lend more to new industries, employment-friendly sectors and agricultural production.
The governor also vowed to promote balance in international payments, without elaborating.
Chinese officials have repeatedly pledged in recent weeks that the country will maintain its 'appropriately loose' monetary policy while also enhancing flexibility, which many analysts see as a signal of its intention to step up mild tightening.
The government has already started reining in its ultra-loose policies adopted at the height of the global financial crisis.
Regulators have overseen a marked slowdown in bank lending in the second half of the year and vowed to control lending more strictly in 2010. The government has also wound down some of the tax incentives that have helped fuel property and auto sales. -- REUTERS