PBOC: To make monetary policy more flexible, allow market to determine yuan rate
|In its third-quarter monetary policy implementation report, the People's Bank of China's (PBOC) reiterated its commitment to maintaining prudent and flexible monetary policy while adding that it will let the market determine the yuan exchange rate.
Key quotes (via Bloomberg)
Will maintain normal monetary policy for as long as possible.
Will keep macro leverage ratio basically stable.
Reiterates that prudent monetary policy will be more flexible and targeted.
Will improve the mechanism for preventing and dealing with bond default risks.
China has no foundation for long-term inflation or deflation.
Will further implement the prudent management system for real estate finance.
Will keep yuan exchange rates flexible and let market play a decisive role in the formation of yuan rates.
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