OREANDA-NEWS. April 16, 2014. Several days ago, the Monetary Policy Committee of the People’s Bank of China held its first regular quarterly meeting in 2014 in Beijing.

The participants discussed the current economic and financial situations at home and abroad and were of the view that the performance of the Chinese economy remained in a reasonable range, performance of the financial sector was generally sound, and the price situation was basically stable. However, the Chinese economy still faced a complex situation, with both favorable and unfavorable factors in sight. The performance of the world economy diverged, with increasing signs of growth momentum in the U.S. and the euro zone, and further moderation of growth in some emerging economies.

It was emphasized at the meeting that to implement the decisions of the 18th CPC National Congress, the 3rd Plenary Session of the 18th CPC Central Committee and the Central Economic Work Conference, the latest developments in the financial market and real sector at home and abroad and the changes in international capital market will be closely monitored; in accordance with the general requirements of seeking progress while maintaining stability and carrying on reform and innovation, efforts will be made to continue the sound monetary policy, maintain appropriate liquidity, guide money, credit and the all-system financing aggregates to grow at a proper pace, and optimize the financing and credit structure. Reform of the financial system will be deepened to enhance the efficiency of financial sector and its ability to serve the real economy. The market-based interest rate reform and the RMB exchange rate regime reform will be furthered to keep the RMB exchange rate basically stable at an adaptive and equilibrium level.

Chaired by Zhou Xiaochuan, Chairman of the Committee and Governor of the People’s Bank of China, the meeting was attended by Committee members including Xiao Jie, Zhu Zhixin, Wang Baoan, Hu Xiaolian, Yi Gang, Pan Gongsheng, Ma Jiantang, Shang Fulin, Xiao Gang, Xiang Junbo, Hu Huaibang, Qian Yingyi, and Song Guoqing. Chen Yulu was on business leave. Senior officials from the PBC Shanghai Head Office, Wuhan Branch and Chongqing Operation Office attended the meeting as observers.