Chinese Central Bank Commits to “Intensification” of Monetary Policy, Greater Support for Real Economy

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The governor of the People’s Bank of China (PBOC) has committed to monetary policy measures to provide greater support to China’s real economy amidst the uncertainty created by a renewed round of Covid restrictions.

PBOC governor Yi Gang (易纲) said that the Chinese central bank would “expand the intensity of the implementation of steady monetary policy and provide more vigorous support to the real economy,” in response to the Chinese economy “facing definite downwards pressure.”

Yi made the remarks at a G20 meeting of finance ministers and central bank governors held in Bali from 15 to 16 July.

“PBOC will continue to take the lead in the effective performance of work including the formulation of transitional financial policy frameworks, and the joint driving and implementation with all parties of the G20 Sustainable Finance Roadmap,” Yi said.