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PBOC reaffirms moderately loose monetary policy

(chinadaily.com.cn)
Updated: 2009-07-30 12:02

皇冠体育app will continue its 鈥渕oderately loose鈥� monetary policy, the People鈥檚 Bank of 皇冠体育app said on its website yesterday. This is is the central bank鈥檚 third confirmation that its monetary policy will remain unchanged in the last six days.

The PBOC also said that it would use open market interventions to control the amount of credit available rather than setting a national cap.

Related readings:  Retail prices stabilizing, PBOC says  PBOC rules out monetary policy change  PBOC chief: 皇冠体育app forex reserve not investment fund  PBOC sticks to monetary goals  PBOC: 'Moderately loose' monetary policy to continue  PBOC: Credit card debt up in 皇冠体育app in Q1

The announcement comes after a 5 percent plunge in Chinese stock market yesterday, the biggest daily loss within eight months, as there are concerns that the PBOC would have to modify its monetary policies to reign in lending.

New loans in 皇冠体育app in the first six months of this year totaled 7.37 trillion yuan, far above the PBOC鈥檚 target of 5 trillion.