OREANDA-NEWS. July 14, 2014. The Monetary Policy Committee of the People’s Bank of China held its 2nd quarterly meeting a few days ago in Beijing.

The participants analyzed the current economic and financial situation in China and beyond, and were of the view that performance of the Chinese economy was within a reasonable range. The performance of the financial sector and the overall price level were both stable. Economic and financial structure has experienced positive changes. However, the overall situation remains complex, with both positive and negative factors. The international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the developed economies and growth in some emerging economies has continued to moderate.

It was emphasized at the meeting that the decisions and resolutions adopted at the 18th CPC National Congress, 3rd Plenum of 18th CPC National Congress and Central Economic Work Conference will be earnestly implemented. The PBC will closely monitor the latest developments in the real economy and financial sector at home and in the world and the changes in global capital flow, follow the overall requirements of making progress while maintaining stability, reform and innovation, continue to implement the sound monetary policy, use a multiple of monetary policy tools flexibly, keep liquidity at appropriate levels, and bring about reasonable growth of money, credit and all-system financing aggregates. The financing and credit structure will be improved and the financial sector reform will be deepened to improve efficiency and build stronger capacity to serve the real economy. The market-based interest rate reform and 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 PBC, the meeting was attended by Zhu Zhixin, Wang Baoan, Hu Xiaolian, Yi Gang, Pan Gongsheng, Shang Fulin, Xiao Gang, Xiang Junbo, Hu Huaibang, Qian Yingyi, Chen Yulu, and Song Guoqing. Xiao Jie and Ma Jiantang were absent on business leave. Senior officials of the PBC’s Shanghai Head Office and Wuhan Branch participated in the meeting as observers.