Central Bank of China to Work on Financial Market Development

China's central bank pledges to foster stable and healthy growth of financial markets. Apr. 26, 2022.

Published 26 April 2022

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China's central bank will work to promote a stable and healthy financial market and financial environment development.

The People's Bank made these remarks about China on Tuesday in the face of recent financial market fluctuations, fueled primarily by investor expectations and sentiment.

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According to China's central bank, the country's financial system has driven efforts to coordinate COVID-19 management with social and economic development, thus facilitating supply and industrial chains and logistics.

The institution also said that work for the rectification of major platform companies would be constantly promoted to advance the wholesome development of the platform economy.

The central bank's monetary policy will be pushed to defend the real economy, meaning the industries, micro, small and medium-sized enterprises, and sole proprietorships that have been severely affected by the COVID-19 pandemic.

The People's Bank of China announced on Monday that, beginning May 15, it will reduce the reserve requirement ratio for foreign currency deposits by one percentage point, from 9 percent to 8%, in an effort to improve foreign currency management in financial institutions. pic.twitter.com/X8Ow5QSbuE
— The China Bulletin (@BulletinChina) April 26, 2022

The bank said that special on-lending would be carried out in sectors such as scientific and technological innovation, elderly care, energy, agriculture and civil aviation with reasonably sufficient liquidity being maintained in the market.