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The following lists highlights from Chinese press reports on Monday:
- The People's Bank of China has significant capacity for monetary adjustments as its pursuit of normal policies has left it with appropriate rates and plenty of tools, Governor Yi Gang said on Sunday at the China Development Forum. The central bank will cherish this position of normality and maintain policy continuity, stability and sustainability, Yi said according to an official transcript. China's M2 growth at around 10% y/y is on par with nominal GDP growth, Yi said. The PBOC plans to set up re-lending programs to encourage financial institutions to invest in green assets, Yi said. China also aims to publish a green assets standard in consultation with the EU at the end of this year, he added.
- China's appointments of two new monetary policy advisors may reflect an emphasis on job creation , the Shanghai Securities News reports. Cai Fang, a researcher at the Chinese Academy of Social Sciences, is a specialist on population and labor. Wang Yiming, a specialist on macro policies, is the vice chairman at China Center for International Economic Exchanges. The pair replaced Ma Jun and Liu Wei, the State Council said last week.
- U.S. traditional allies are not likely to join Washington's efforts to forge a multilateral push to contain China as they cannot resist a "huge and dynamic market" with 1.4 billion consumers, said the state-run Global Times in an editorial. Even Australia, bruised in a tussle with Beijing, is seeking to repair frosty trade relations with China, the newspaper said. The Biden administration's actions showed a continuation of the previous administration's anti-China policy, the newspaper said.