PBOC To Focus On Cross- and Counter-cyclical Policies

The People’s Bank of China will focus on cross-cyclical and counter-cyclical policies, strengthen policy coordination, lower financing costs for the real economy and yuan stability, said PBOC Governor Pan Gonsheng in an interview with the state-run Xinhua News Agency. It will guide financial institutions to revitalise existing loans, as outstanding debt exceeds CNY200 trillion and the balance of social financing remains CNY300 trillion, said Pan. The central bank will also actively cooperate with other departments and local governments to support the stability and health of the housing market, and provide low-cost medium and long-term funds for the “three major projects” including building affordable housing, he said.