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MNI BRIEF: PBOC To Keep Monetary Policy Accommodative

MNI (Singapore)
MNI (Beijing)

The People’s Bank of China will keep monetary policy accommodative to support the economy, as focus shifts to improving economic structure and forming new growth drivers, said PBOC Governor Pan Gongsheng in a keynote speech at the HKMA-BIS High-Level Conference on Tuesday, according to a statement on the central bank website.

The traditional model of relying heavily on infrastructure and real estate might generate higher growth, but would also delay structural adjustment and undermine growth sustainability, said Pan, emphasising high-quality and sustainable growth is far more important.

CPI will gradually bottom out and rise moderately as the fall in food prices, which largely led to a 0.2% decline in October CPI, will not be sustained, said Pan.

The PBOC will create an enabling environment for the yuan in Hong Kong as well as support its financial stability and its role as an international financial center, Pan added.

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