China's central bank, the People's Bank of China (PBOC), is set to implement a \"moderately loose\" monetary policy and keep the yuan's exchange rate stable at a reasonable and balanced level this year. 🏦💰
Speaking at a press conference in Beijing on Tuesday, Xuan Changneng, deputy governor of the PBOC, highlighted that the country's monetary policy yielded favorable results over the past year, with credit and liquidity growing reasonably.
✨ Positive Outcomes in 2024 ✨
By the end of December last year, total social financing—a broad measure of credit and liquidity in the economy—expanded by 8% year-on-year. China's yuan-denominated loans rose by 18.09 trillion yuan ($2.52 trillion) in 2024, while the broad money supply, or M2, increased by 7.3% as of the end of December.
📈 Stable Yuan Amid Complex Circumstances 📈
Despite global economic challenges, the renminbi has remained basically stable. \"The Chinese currency has performed relatively well among major currencies,\" Xuan stated, noting its positive role in stabilizing the economy and trade.
By the end of 2024, the China Foreign Exchange Trade System yuan exchange rate composite index, which measures the yuan's exchange rate changes against a basket of currencies, stood at 101.47, up 4.2% compared to the end of the previous year.
Looking ahead, the PBOC's commitment to a moderately loose monetary policy aims to support sustainable economic growth and maintain financial stability. 🌏💡
Reference(s):
China's central bank reaffirms 'moderately loose' monetary policy
cgtn.com
