OREANDA-NEWS. October 16, 2012. The Monetary Policy Committee of the PBC convened its third quarterly meeting in 2012 in Beijing, reported the press-centre of PBC.

The participants analyzed current economic and financial situations at home and aboard. In their view, China's economic and financial sectors performed in a relatively moderating and stable manner. The overall price level was basically stable. Global economy still showed a sign of weakness. China should monitor the impact of the fresh bailout and stimulus measures taken by Europe and the United States recently.

It was emphasized at the meeting that efforts should be made to monitor the lastest domestic and international economics and financial developments and their impacts, continue the implementation of a sound monetary policy, make macro-management policies better-targeted, more flexible and forward-looking, conduct timely and well-designed fine-tunings according to the situations, and strike a balance among maintaining stable and relatively fast growth, economic restructuring and managing the inflationary expectation. A mix of monetary policy tools will be employed to keep the money and credit aggregate and the all-system financing aggregate at reasonable volumes.

Efforts will be made to optimize financial resources allocation, resolve structural imbalance in credit supply and demand, prevent financial risks and improve financial services to better serve the real economy and ensure a stable and relatively fast economy growth. The role of direct financing will be further tapped to meet the diverse demand for investment and funding, and to promote sound development of the financial markets. Efforts will be made to promote the market-based reform of interest rates and to further improve the RMB exchange rate regime, to enhance flexibility of fluctuation in both directions and to keep the RMB exchange rate basically stable at an adaptive and equilibrium level.

Mr. Zhou Xiaochuan, Governor of the PBC and Chairman of the Monetary Policy Committee, presided over the meeting. Other Committee members present at the meeting included Mr. You Quan, Mr. Zhu Zhixin, Mr. Li Yong, Mr. Yi Gang, Mr. Shang Fulin, Mr. Guo Shuqing, Mr. Xiang Junbo, Mr. Jiang Jianqing, Mr. Qian Yingyi, Mr. Chen Yulu, and Mr. Song Guoqing. Ms. Hu Xiaolian, Mr. Du Jinfu, and Mr. Ma Jiantang were absent from the meeting on business leaves. Presidents of the PBC Shenyang Branch, Chengdu Branch and Xi'an Branch joined the meeting as non-members.