Chinese Central Bank Highlights Stability, Supply-Side Structural Reform in Q4 Monetary Policy Report

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The People’s Bank of China (PBOC) has signalled key intentions for future monetary policy in its fourth quarter monetary policy execution report.

PBOC issued its “2021 Fourth Quarter Chinese Monetary Policy Execution Report” (2021年第四季度中国货币政策执行报告) on 11 February.

The Report said that in future PBOC will “deepen supply-side structural reforms, accelerate the establishment of new development conditions, establish a modern central banking system, improve the modern monetary policy framework, and drive high-quality growth.”

PBOC will also “uphold stability as the watchword, seek progress amidst stability, actively and thoroughly implement the spirit of the central economic work meeting, and expand the vigour of financial support for the real economy.

The Chinese central bank also committed to “striving to stabilise macro-economic conditions, in order to maintain a monetary and financial environment suitable for the economy to operate within a rational range.”