The People s Bank of China, the central bank, will maintain its normal monetary policy stance and facilitate flexibility of the renminbi exchange rate, despite the challenges from external financial vulnerabilities, senior officials said.
Even if the US Federal Reserve changes its monetary policy in the future, there will only be a limited impact on China, said Sun Guofeng, head of the monetary policy department of the PBOC.
Actually, global financial markets, especially in some emerging economies, have shown some fluctuations recently, while China s financial market has remained stable and performed well, he said.
The key is to do our own work well, Sun said, adding that China s monetary policy should remain stable within the normal space. He emphasized on the need to keep an eye on the changing external economic and financial situation, and enhancing the flexibility of the renminbi exchange rate.
China/Hong Kong
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Apr 1, 2021 9:51 AM UTC The U.S. Federal Reserve s stimulus package last year and its future monetary policy have little impact on China s financial markets, said Sun Guofeng, head of the monetary policy department of China s central bank, adding that Beijing will keep its normalized monetary policy. We are pleased to see the efforts of other economies to return to a normal monetary policy, which will help to promote the long-term and healthy development of the global economy, Mr. Sun told a briefing Thursday. China scaled back its fiscal stimulus program in May last year after the country got the coronavirus pandemic under control. The country avoided introducing the massive stimulus package that it implemented in 2009 in response to the global financial crisis, which left Beijing with long-term financial problems.
Stimulus measures implemented by the Federal Reserve over the past year and future policy changes that the U.S. central bank has signalled will have limited impact on China's financial markets, a Chinese central bank official said on Thursday.
Impact of Fed policy changes on China s markets is limited: PBOC official | WSAU News/Talk 550 AM · 99 9 FM wsau.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wsau.com Daily Mail and Mail on Sunday newspapers.