PBOC: Current recovery for China's economy not yet solid

Dhwani Mehta FXStreet

The People’s Bank of China (PBOC) said on Thursday, the economic recovery is not on a solid footing yet, adding that the central bank will continue supporting small and micro firms.

Key quotes

“Will maintain credit support continuity, stability for small and micro firms.”

“Will maintain the position that housing is for living, not for speculation.”

“Will guide commercial banks to step up support for carbon emission reduction financing activities.”

Market reaction

USD/CNY is on the front foot, helped by the persistent upbeat tone around the US dollar and mixed comments from the Chinese central bank.

The spot was last seen trading at 6.5317, gaining 0.15% so far.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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