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China's central bank to support real economy, guard against financial risks further

Xinhua | Updated: 2023-12-03 07:35

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing. [Photo/IC]

BEIJING - The central bank will ramp up support for the real economy, guard against systemic financial risks and deepen financial opening-up, according to People's Bank of China (PBOC) Governor Pan Gongsheng.

The central bank will focus more on cross-cyclical and counter-cyclical adjustments, and maintain reasonable credit and social financing growth, Pan said in an exclusive interview with Xinhua.

The PBOC will increase support for major national strategies, key areas and weak links, and make full use of structural monetary policy tools to beef up support for small and micro businesses, as well as scientific and technological innovation, Pan said.

He also pledged efforts to keep interest rates at an appropriate level and ensure that the financing costs of the real economy are lowered steadily.

Pan reaffirmed the PBOC's emphasis on maintaining the stability of the renminbi exchange rate. "We have the confidence, capability and conditions to ensure the stable operations of the forex market and keep the yuan exchange rate basically stable at a reasonable and balanced level," he said.

Noting that China's financial risks are generally controllable, Pan said the PBOC will improve mechanisms for financial risk prevention, warning and management.

On local government debts, Pan said the PBOC will work to defuse risks of outstanding local government debt, control new debt strictly, and provide emergency liquidity to local governments with heavy debt burdens when necessary.

The PBOC will push forward the internationalization of the yuan, promote trade and investment facilitation, and steadily expand the institutional opening-up of financial market, Pan said.

China will participate actively in global financial governance and cooperation to "increase its voice and influence in the formulation of major international financial rules and standards," he added.

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