China's central bank to keep monetary policy flexible, Latest Business News - The New Paper

China's central bank to keep monetary policy flexible

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BEIJING China will keep monetary policy prudent, flexible and appropriate, and continue to deepen financial reforms, the central bank said yesterday, reiterating previous policy statements.

After a work meeting chaired by People's Bank of China governor Yi Gang, the central bank also vowed to prevent any financial crisis and said it would continue to help small companies seeking financing, according to a statement posted on its website.

It added that it will continue to let markets play a decisive role in the currency exchange rate but would keep the yuan exchange rate stable within a reasonable range.

China's economic growth cooled to a near 30-year low of 6 per cent in the third quarter, but it is expected to meet the government's full-year 2019 target of 6 per cent to6.5 per cent.

The central bank last week cut the amount of cash that banks must hold as reserves for the eighth time in nearly two years, in a bid to shore up the slowing economy.- REUTERS