The People’s Bank of China also said it will “step up macroeconomic policy adjustment”, while largely reaffirming its policy stance.
China’s central bank pledged to avoid excessive movements in the yuan as the currency slides toward its weakest level since 2007.
The central bank said it will resolutely prevent “over-adjustment” in the yuan, which it said has yet to deviate from its fundamentals. The PBOC has experiences and ample policy tools to safeguard a stable foreign exchange market, it said. Chinese authorities also told state-owned banks to step up intervention in the currency market this week and are studying other ways to prop up the yuan, according to people familiar with the matter.The PBOC reiterated it will implement a targeted and forceful monetary policy, and make use of various tools to ensure liquidity remains reasonably ample. It also said it will optimise property policies when appropriate.
The central bank highlighted challenges to the economy, including households’ weak income outlook, insufficient private investment confidence and growing pressure on local government finances.
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