China is trying to boost domestic demand, improve confidence and prevent risks for the remainder of the year, while looking to avoid past stimulus fallout as it intensifies efforts to shore up growth.
Analysts say Pan Gongsheng’s many years of experience at the People’s Bank of China give him a critically important vantage point from which to tackle financial risks and shore up economic growth.
Authorities use down-to-Earth language to ease minds and shore up markets at a time when the economy is sputtering and the yuan has again dropped below the key psychological point of 7.0 against the US dollar.
The yuan’s internaional use is still dwarfed by the US dollar, but China is seeking to explore currency settlements with neighbouring countries, including the Association of Southeast Asian Nations (Asean).