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PBOC pledges prudent monetary policy, stresses counter-cyclical adjustment

China's prudent monetary policy stance has not been fundamentally changed despite that the word "neutral" was removed (from the Government Work Report delivered by the Premier Li Keqiang to the National People's Congress last week), said Yi Gang, governor of the People's Bank of China at a press conference on the sidelines of the country’s annual meeting of parliament.

"The prudent monetary policy stresses counter-cyclical adjustment and monetary condition should be neither too tight nor too loose, which means the growth of broad M2 money supply and aggregate social financing should match the nominal GDP . . .

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