China’s Central Bank Reinforces Jobs, Inflation Goals
- PBOC meeting removes pledge to keep debt ratio stable
- Policy committee vows to step up loan support to small firms
A restaurant worker sells food on the street in Beijing, China.
Photographer: Kevin Frayer/Getty Images
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The People’s Bank of China reiterated a pledge to provide stronger monetary policy support for the economy, emphasizing goals to stabilize jobs and inflation and providing further signals it will focus on boosting credit growth.
The PBOC will “coordinate work on stabilizing employment and prices,” according to a statement published Wednesday after a quarterly meeting of the bank’s monetary policy committee, which was chaired by Governor Yi Gang. Global economic growth is slowing and inflation is running high, while domestic Covid-19 control work is still difficult despite the recent improvement, the board decided at the meeting on June 24.