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China Central Bank promises gradual reform


China Central Bank promises gradual reform


Beijing has said that cooling the world’s fastest- growing major economy is a priority but it is determined to do that gradually.

It has also pledged to maintain a stable currency, despite increasing pressure from the US and other countries for a loosening of the yuan’s peg to the dollar. Currently one dollar is worth just over eight yuan, which critics say undervalue the Chinese currency and makes China’s exports unfairly cheap.

In its policy statement, the People’s Bank of China said the country’s money supply is targeted to grow by 15%, that is below last year’s 17% and there will be a slight increase in new lending as it seeks the desired soft landing from its overheated economy.

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