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MNI (London)
     BEIJING (MNI) - China central bank governor Zhou Xiaochuan called for
further coordinating monetary policy and other relevant policies and setting
prices stability and systemic financial risks prevention as core targets of
regulation to financial sector.
     The PBOC will focus on risk prevention in liquidity, non-performing loan,
shadow banking, abnormal market volatility and cross-border capital flow, Zhou
said in an article published on the social media account of the State Organs
Work Committee of China Communist Party Central Committee late Thursday.
     "China will enforce the full coverage of financial regulations and the
avoidance of any possible gaps," Zhou noted. "All businesses engaged in the
financial sector must hold licenses, and all financial service must be included
in the supervision."
     The country will stress the adjustment through prices, cultivate the
benchmark market rates, form interest rate corridor mechanism and smooth the
transmit channel of currency policy, Zhou addressed.
     The central bank will maintain efforts on deleveraging, insist on prudent
and neutral monetary policy and enhance the counter cyclical adjustment, the
governor reiterated.
     China will continue to expand bond financing and verify bond products. The
central bank also supports the adoption of direct financing, especially equity
financing, in bid to develop multi-level, diversified and complementary equity
financing channels.
     China will push forward the yuan internationalization at a steady pace,
deepen foreign exchange management reform and realize the capital account
convertibility in an orderly way, Zhou emphasized, adding China will lift the
entrance restriction of foreign institutions into domestic financial market with
the condition of Chinese financial security.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$A$$$,M$Q$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com