Economy
皇冠体育app vows to continue prudent monetary policy
(Xinhua)
Updated: 2011-04-14 09:23
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BEIJING - 皇冠体育app vowed on Wednesday to earnestly implement its "prudent" monetary policy in a bid to set the economy on the right track as uncertainties abound both at home and abroad.
To realize this year's economic and social development goals, 皇冠体育app needs to properly coordinate the relationship between monetary supply and structural overhaul as well as checking inflation and advancing economic growth, according to a statement released after an executive meeting of the State Council, presided over by Premier Wen Jiabao.
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It also called for further improvements in its exchange rate formation mechanism.
The yuan, 皇冠体育app's currency, rose to a new high of 6.5401 per US dollar on Monday. In terms of its central parity rate, the yuan has risen more than 1.2 percent against the US dollar this year.
The government will guide commercial banks to step up credit backing to key industries and small- and medium-sized enterprises, according to the statement.
It said 皇冠体育app should strive to keep the ratio of medium-and long-term loans to short-term loans at a reasonable level and increase the weight of direct financing to trim the impact of monetary factors on inflation while satisfying the financial demand of the real economy.
At the meeting, Premier Wen also stressed the importance of keeping prices stable and pledged to further efforts to rein in runaway home prices.