China's central bank to keep monetary policy stable

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IANS | 29 Dec, 2012
China's central bank has said it will continue to implement a prudent monetary policy next year and pay close attention to potential financial risks.

The People's Bank of China (PBOC) said in a statement Thursday that it will keep policies stable and make monetary policies more forward-looking, targeted and flexible, reported Xinhua.

The central bank will fulfil its obligation to safeguard financial stability and strive to prevent systemic and regional financial risks, the statement said.

Earlier this year, the central bank lowered benchmark interest rates twice, as well as cut commercial banks' reserve requirement ratio, or the amount banks must put aside as reserves, to bolster the slowing economy.

The government has vowed to maintain a proactive fiscal policy and prudent monetary policy in 2013, as the global economy is expected to maintain slow growth, according to a central economic work conference held earlier this month.