China central bank governor stresses prudent monetary policy

2019-09-24
Xinhua

BEIJING — China will continue its prudent monetary policy, strengthen counter-cyclical adjustments, and not resort to "flood-like" stimulus, the country's central bank governor said on Sept 24.

China should fine-tune its monetary policy in a pre-emptive way based on economic growth and price changes, said Yi Gang, governor of the People's Bank of China, at a press conference.

The country should also keep its leverage ratio stable to maintain a sustainable level of debt, he added.

Yi also called for efforts to reduce companies' financing costs and promote high-quality economic growth.

Outstanding loans to micro- and small-sized companies amounted to 11 trillion yuan (about $1.57 trillion) at the end of August, up 23 percent year-on-year, while those to private companies reached 45 trillion yuan, up 6.7 percent from a year earlier.