OREANDA-NEWS. October 28, 2014. The Monetary Policy Committee of the People’s Bank of China held its 3rd 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 is still within a reasonable range. The performance of the financial sector and the overall price level are both stable. However, the complexities of the situation should not be underestimated. The international economic situation and monetary policy of the major economies have diverged as there are more positive signals in the U.S., the euro area has further relaxed its monetary policy, and the real sector in some developing economies faces many difficulties.

It was emphasized at the meeting that the decisions and resolutions adopted at the 18th CPC National Congress, 3rd Plenum of the 18th CPC Central Committee 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 the world and 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 financial sector reform will be deepened to improve efficiency and build stronger capacity to serve the real economy. The market-based interest rate regime reform and RMB exchange rate regime will be furthered to keep RMB exchange rate basically stable at an adaptive and equilibrium level.

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