Central bank vows continuity, stability in monetary policy

BEIJING - The People's Bank of China (PBOC), the central bank, said on Friday that it would maintain continuity and stability in its monetary policy.

Going forward, the PBOC will continue with a prudent monetary policy and be more focused on striking a balance between tight and loose, it said in a meeting regarding the third quarter.

The central bank will employ multiple monetary policy tools to maintain "moderate" liquidity and realize proper expansion in credit and social financing.

It will continue with financial reforms to improve efficiency and try to lower financing costs.

Effort will be made to promote interest rate liberalization, improve the RMB exchange rate mechanism and keep the RMB exchange rate generally stable at an equilibrium level, it added.