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China will step up macro policy adjustment, implement the prudent monetary policy in a targeted and forceful way, do a good job in cross-cycle adjustment and make monetary policy tools play a better role to stabilize growth, employment and price levels, expand domestic demand, improve consumption environment and provide stronger support for the real economy, the Monetary Policy Committee of the People’s Bank of China said at its regular meeting for the second quarter of 2023.
The central bank will further smooth the monetary policy transmission mechanism, keep market liquidity reasonably ample, maintain a reasonable credit growth, and keep the growth of money supply and social financing match the nominal GDP growth, it said.
The PBOC will deepen the market-oriented exchange rate reform, guide companies and financial institutions to adhere to the “risk-neutral” concept, stabilize market expectations, prevent the risk of large volatilities and maintain the yuan’s exchange rate at a reasonable and balanced level, it said.
The central bank will take a city-based approach to support rigid and upgrade-based housing demand, do a solid job of ensuring delivery of sold but unfinished properties and promote the stable and healthy development of the real estate market, it said.
The central bank will accelerate the work to improve of the housing rental financial policy system, and promote the establishment of a new model for the development of the real estate industry, it said.Â
The PBOC will guide platform companies to seek regulated and healthy development of their financial businesses, and enhance the level of regular supervision of their financial activities, it added.