China to prioritize stability in monetary policy, avoid sudden shifts in 2021

BEIJING, Jan. 15 (Xinhua) — China will prioritize stability in its monetary policy and avoid making sudden shifts in 2021, said Chen Yulu, vice governor of the People’s Bank of China, the country’s central bank, on Friday.

The country’s prudent monetary policy will be more flexible, precise, reasonable and moderate in 2021, Chen told a press conference.

China will ensure that the growth of broad money supply and social financing basically matches nominal economic growth, aiming to provide support for economic recovery and high-quality development with moderate money supply growth, he added.

In the face of COVID-19 epidemic impacts in 2020, China continued to implement prudent monetary policy and stayed away from using measures such as quantitative easing, said Chen, adding that it has hedged the high uncertainties of the macro situation since the epidemic and kept the financial operation basically stable. 

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