PBOC’s Yi: China’s economy is still functioning in a reasonable range

Additional comments are flowing in from the People Bank of China’s (PBOC) Governor Yi Gang, as he continues to talk about the inflation and monetary policy outlook.

China’s economy is still functioning in a reasonable range.

Price trends are generally under control.

Will stick with implementing normal monetary policy.

Will deepen interest rate market reforms.

Improve market-based floating exchange rate mechanism with reference to basket currencies.

Will keep yuan exchange rate basically stable at reasonable levels.

Will actively use structural monetary policy tools to support green transformation of the economy.

Will encourage financial departments to increase financial support for green industry.

Will study supportive tools to help lower carbon emissions in the real economy.

Will guide financial institutions to fend off risks from environmental changes.

There are uncertainties around the external pandemic situation, economic recovery and macro policies.

Cannot neglect pressures from external inflation or deflation.

Chinese rates are at appropriate levels.

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