China’s Central Bank Reiterates It Will Avoid Sharp Policy Exit

China’s central bank reiterated its pledge to avoid a sudden shift in monetary policy while it maintains necessary support for the economy’s recovery.

The main priority is stability, the People’s Bank of China said in a statement late Tuesday after its quarterly policy meeting, vowing to “make no sharp turn” on policy. Monetary policy should be flexible, targeted, reasonable and appropriate, it said, reiterating comments from the Communist Party’s recent Central Economic Work Conference.