Pan Gongsheng, governor of the People’s Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China.
- The head of China's central bank told a closely watched meeting Tuesday that the People's Bank of China planned to maintain supportive monetary policy, state media said.
- The PBOC head added the central bank plans to “increase the intensity of counter-cyclical monetary policy," state media said in Chinese, translated by CNBC.
- He was presenting a report on financial work at this week's meeting of the National People's Congress Standing Committee.
BEIJING — The head of the People's Bank of China said in a closely watched meeting Tuesday that the central bank planned to maintain supportive monetary policy, according to state media.
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PBOC Governor Pan Gongsheng added that the central bank intended to “increase the intensity of counter-cyclical monetary policy," state media said in Chinese, translated by CNBC. Counter-cyclical policies refer to measures intended to address short-term economic developments. Pan has used similar language in recent months.
He was presenting a report on financial work at this week's meeting of the National People's Congress Standing Committee. The gathering, which wraps up Friday, is widely expected to approve further fiscal stimulus.
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Finance Minister Lan Fo'an addressed the committee Monday about a plan to increase the local government debt limit in order to replace hidden debt, state media said. Lan on Tuesday also presented a report on managing state-owned assets, according to state media.
The PBOC in late September started cutting several of its interest rates in a bid to shore up slowing growth. The moves followed the U.S. Federal Reserve's shift into an easing cycle with a large 50 basis-point cut in mid-September. The Fed is expected to lower rates again when its two-day meeting ends Thursday local time.
