Video PlayerClose BEIJING, Jan. 5 (Xinhua) — China’s central bank mapped out key policies and tasks for 2020 during an annual work conference held in Beijing from Thursday to Friday. The People’s Bank of China (PBOC) said in an online statement released after the tone-setting meeting that the policies are set to, among other things, ensure sound monetary and financial conditions in 2020, as China enters homestretch to securing a decisive victory in building a moderately prosperous society in all respects. The following are some key policy takeaways: — Prudent, moderately flexible monetary policy to stay China will strengthen its counter-cyclical adjustments and maintain reasonably abundant liquidity in the banking system. The PBOC also highlighted market-based interest rate reform and advancing the issuance of perpetual bonds by banks for replenishing capital. China will continue to let the market play a decisive role in exchange rate formation and keep the renminbi’s exchange rate generally stable at a reasonable and balanced level. — Winning the battle in forestalling, defusing major financial risks China will establish and improve mechanisms regarding the recovery, loss sharing, as well as incentives and constraints of financial institutions. Work will continue in addressing the risks of major financial… Read full this story
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