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China's prudent monetary policy to be more flexible, appropriate

Updated: May 22, 2020 Xinhua Print
The third session of the 13th National People's Congress (NPC) opens at the Great Hall of the People in Beijing, May 22, 2020. [Photo/Xinhua]

China will pursue a prudent monetary policy in a more flexible and appropriate way, according to a government work report submitted to the national legislature for deliberation on Friday.

The country will use a variety of tools including reserve requirement ratio cuts, interest rate reductions and re-lending to enable M2 money supply and aggregate financing to grow at notably higher rates than last year, said the report.

China will keep the RMB exchange rate generally stable at a reasonable and balanced level, according to the report.

As the country works to develop new monetary policy instruments that can directly stimulate the real economy, it is crucial to take steps to ensure enterprises can secure loans more easily, and promote steady reduction of interest rates, said the report.

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