SVB Creates Global Policy Uncertainty - PBOC Vice Governor

The Silicon Valley Bank collapse has created uncertainty about the direction of monetary policy globally, as keeping rates high will fight inflation but will increases stresses in the banking sector, according to People's Bank of China (PBOC) Deputy Governor Xuan Changneng. Speaking to CCTV state broadcaster, Xuan said the recent turmoil shows the rapid adjustment of monetary policy in major developed economies has spill-over effects internally and externally. In the current complex environment, the opening-up, stability and development of the Chinese market provides diversified opportunities for foreign investors, and the safe-haven attributes of China's financial assets will become more prominent going forward.