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PBOC to beef up support for recovery amid complex external forces

By Zhou Lanxu | chinadaily.com.cn | Updated: 2023-09-27 11:10

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

The People's Bank of China, the country's central bank, has vowed to continuously support the real economy and strengthen policy adjustments as the country's economic recovery is improving, despite still facing a harsher external environment.

"Currently, the external environment is becoming more complex and severe, with a slowdown in international economic trade and investment, still high inflation and interest rates in developed countries that are expected to remain elevated," the PBOC said in a statement on Wednesday.

Meanwhile, as the domestic economy continues to recover and improve with increasing momentum, it still faces challenges such as insufficient demand, the statement said, following the third-quarter meeting of the PBOC's monetary policy committee.

"We need to provide continuous support, ride the uptick in economic momentum, intensify the strength of macroeconomic policy adjustments and ensure a precise and effective implementation of prudent monetary policy," the statement said.

The PBOC said it will intensify the implementation of the monetary policy tools that have been introduced to ensure a reasonably ample level of liquidity while encouraging a rebound in price levels to maintain them within a reasonable range.

As for the property market, the central bank will lower down payment thresholds as well as mortgage rates of second homes, putting the policy of reducing interest rates for existing first-home mortgages into place in order to aid the real estate industry in building a new development strategy.

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