China's central bank pledges to speed up policy response to economic conditions
BEIJING, June 27 (Reuters) - China's central bank said on Friday that it would adjust the pace and intensity of policy implementation in response to domestic and global economic and financial conditions.
The world's No.2 economy has faced pressure this year due to U.S. President Donald Trump's imposition of tariffs on Chinese products and persistent deflationary pressure at home.
"The external environment has grown increasingly complex and challenging, with weakening momentum in global economic growth, rising trade barriers, and diverging economic performance among major economies," the People's Bank of China (PBOC) said in a summary of its quarterly monetary policy committee meeting.
The economy "still faces difficulties and challenges such as insufficient domestic demand, persistently low price levels, and multiple hidden risks," the bank said.
"It is suggested that the intensity of monetary policy adjustments be increased, and the forward-looking, targeted and effective nature of monetary policy adjustments be enhanced," it added.
The central bank said it will guide financial institutions to step up credit supply, and push for the lowering of overall social financing costs.
It also pledged to enhance the resilience of the foreign exchange market, to guard against the risk of exchange rate overshooting, and to keep the yuan exchange rate "basically stable at a reasonable and balanced level."
On the beleaguered property market, the bank said it will increase efforts to revitalise existing commercial housing and land inventory, and continue to consolidate the "stable momentum" in the sector.
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