OREANDA-NEWS. April 17, 2013. Recently, the Monetary Policy Committee of PBC held its first quarterly meeting in 2013 in Beijing.

The participants analysed the current domestic and international economic and financial situations. They were of the view that China’s real economy and financial sector in general maintained a steady growth momentum, prices were stable but the future trend was uncertain, and the global economy showed signs of improvement but still faced complex situations.

The participants emphasized the need to implement the decisions adopted at the 18th National Congress of the CPC and the Central Economic Work Conference, closely follow the latest developments in the real economy and financial markets at home and beyond as well as changes in international capital flow, continue the sound monetary policy to maintain policy continuity and stability, make policy measures more forward-looking, better-targeted and more flexible, properly handle the relationship among stable growth, structural adjustment, inflation control and risk prevention, and maintain a stable monetary environment. Furthermore, measures will be adopted to perfect the macropurdential framework and use various monetary policy instruments to strengthen and improve liquidity management and guide the stable and appropriate growth of money, credit and all-system financing aggregates.

The allocation of financial resources will be optimized to effectively alleviate the structural imbalances in the supply and demand of credit, prevent financial risks, and improve the financial service to the real economy, and the role of direct financing will be further tapped to meet the diversified demand of investment and financing in a better way, and promote the sound development of financial markets. The market-based interest rate reform and the reform of the RMB exchange rate regime will be advanced 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. Zhu Zhixin, Ms. Hu Xiaolian, Mr. Yi Gang, Mr. Shang Fulin, Mr. Xiang Junbo, Mr. Qian Yingyi, Mr. Chen Yulu, Mr. Song Guoqing. Mr. You Quan, Mr. Li Yong, Mr. Du Jinfu, Mr. Ma Jiantang, Mr. Guo Shuqing, Mr. Jiang Jianqing were absent from the meeting on business leaves. Presidents of the Operations Office, and Tianjing and Nanjing Branches of the PBC joined the meeting as non-members.