China to implement sound monetary policy to support economy: PBOC

19 Jul '22

2 min read

Pic: Shutterstock

China's central bank will step up the implementation of a sound monetary policy for better support to the economy, according to People's Bank of China (PBOC) governor Yi Gang, who recently said PBOC will advance the development of the transition finance framework and promote the joint implementation of the G20 Sustainable Finance Roadmap.

This will enable the country’s financial sector better support carbon emission peak and carbon neutrality objectives, Yi said addressing the 3rd G20 Finance Ministers and Central Bank Governors Meeting last week.

The meeting, under the Indonesian presidency, was held in Bali on July 15 and 16, in a hybrid mode. PBOC governor Yi and deputy governor Chen Yulu participated via video conference, according to official Chinese media reports.

Ministers and central bank governors came to the conclusion that the global economic recovery and financial stability face multiple challenges, including elevated risks from COVID-19, inflationary pressures, geopolitical developments, food and energy supply tensions, and volatility in cross-border capital flows.

To maintain price stability and avoid negative spillovers and address the challenges, collective efforts to deploy supportive policy measures in a flexible and targeted manner are essential, the meeting concluded.

The participants reaffirmed the importance of transition finance and their support for low-income countries in responding to the economic shocks.

Fibre2Fashion News Desk (DS)

More Textiles News - China...