China's central bank promises sound monetary, financial environment for 2021

2020-12-22 09:37

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BEIJING, Dec. 22 (Xinhua) -- China will implement a prudent monetary policy that is flexible, precise, reasonable and moderate, according to a statement posted on the website of the People's Bank of China.

Noting that 2021 will be an especially important year for China in advancing modernization, the central bank pledged efforts to create a sound monetary and financial environment to quicken the establishment of the new development paradigm.

The country will improve the mechanism for regulating the money supply, and keep the macro leverage ratio basically stable, said the statement published on Monday.

China will deepen the market-oriented reform of interest rates and exchange rates, and keep the yuan's exchange rate generally stable on a reasonable and balanced level, according to the statement.

The central bank also pledged financial support for private, small- and micro-sized firms, as well as guiding financial institutions to increase the credit supply to areas including technological innovation, green development and manufacturing.

More efforts will be made to prevent and defuse financial risks, strengthen an anti-trust push and prevent the disorderly expansion of capital, the statement said.

The central bank will support mid- and small-sized lenders to replenish their capital through multiple channels, improve the legal system in the bond market, and promote internationalization of the yuan in a prudent manner, it said.
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