China’s central bank, forex regulator hold meeting to implement policies set by central financial work conference
Published: Nov 02, 2023 04:55 PM
Lujiazui Photo:VCG

Lujiazui Photo:VCG

The People's Bank of China, the central bank, and the State Administration of Foreign Exchange on Thursday held a meeting to fast-track the tasks set by the recently concluded central financial work conference, vowing to maintain a sound monetary policy at all times and to maintain stability in the financial sector.

The central financial work conference which concluded on Tuesday in Beijing stressed to comprehensively strengthen financial supervision, improve the financial system, optimize financial services, prevent and resolve risks, unswervingly follow the path of financial development with Chinese characteristics, and promote high-quality financial development.

The meeting held by the two departments stressed the significance to focus on six major tasks, covering a wide range of financial fields.

The meeting called on ramped-up efforts to conduct cross-cyclical and countercyclical policy moves and enriching the monetary policy toolbox. It meanwhile vowed to create a favorable monetary and financial environment for stabilizing prices, promoting economic growth, expanding employment, and maintaining the balance of payments.

Measures such as guiding city governments to implement differentiated credit policies and efficiently meeting the reasonable financing needs of real estate developers will be implemented to promote the stable and healthy development of the housing sector.

When it comes to ensure the financial sector security, responsible authorities will step up efforts to defuse local debt risks and establish a long-term risks prevention mechanism. It also said to implement comprehensive measures to stabilize market expectations and firmly maintain the smooth operation of the financial market, while guarding against the risk of large fluctuations in the yuan's exchange rates against other currencies. 
Meanwhile, the meeting stressed to deepen the financial reform and expand high-level opening-up in the financial sector.

Responsible financial authorities have been conducting meetings to fast-track the implementation of the measures mapped by the key financial conference. The National Administration of Financial Regulation and the China Securities Regulatory Commission held meetings on Wednesday aiming to advance the tasks set by the meeting.

Global Times