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China's Opaque Central Bank Tries Something New: Communication

  • PBOC has increased commentary on domestic monetary settings
  • Increased communication follows global calls for more clarity
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Analyzing the PBOC's Communication Tools

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The famously opaque People’s Bank of China is finding more of a voice, with a relative flurry of comments this month giving rare clarity on its thinking.

The latest came Monday with a statement urging investors not to focus too much on short-term concerns and saying the diverging pace of credit expansion doesn’t mean monetary policy is losing steam. Days earlier, after data showed the weakest credit growth in two years, PBOC research bureau chief economist Ma Jun said the slump hasn’t hurt growth, suggesting a big policy move wasn’t imminent.