BEIJING (Reuters) -China’s central bank said on Wednesday it will use various policy tools to keep liquidity reasonably ample in 2023 to support the economy, while fending off financial risks.
The People’s Bank of China will step up financing support to spur domestic consumption and key investment projects and support a stable real estate market, the central bank said in a statement after its annual work meeting.
“We will focus on stabilising growth, employment, and prices, promote an overall improvement in economic performance, and effectively prevent and resolve major financial risks,” the central bank said.
Chinese leaders have pledged to increase support for the economy as demand falters at home and abroad due to a surge in COVID-19 infections in China and risks of a global recession.
The central bank reiterated that it will keep next year’s growth of money supply and total social financing basically in line with nominal economic growth.
The central bank will step up supervision of systemically important banks, financial holding companies and strengthen supervision of financial businesses of platform firms, it said.
The central bank will keep the yuan exchange rate basically stable while pushing forward yuan internationalisation in an orderly manner, it said. The central bank also promised to promote digital yuan pilots in an orderly way.
(Reporting by Beijing newsroom and Kevin Yao; Editing by Andrew Heavens, William Maclean)
