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What’s new in the PBOC’s Q4 monetary policy meeting?

The People's Bank of China (PBOC) held the fourth quarter monetary policy meeting earlier this week. The wording of the statement following the meeting showed some changes compared to the one in the third quarter, indicating further policy easing and more counter-cyclical adjustment with slowing domestic demand and uncertain international environment.

  • The PBOC  dropped the word "neutral" in its description of monetary policy. It said it will implement "prudent monetary policy while putting more emphasis on keeping it appropriately tight and appropriately loose, maintaining reasonably ample liquidity and keeping reasonable growth rate of money supply . . .

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