(Bloomberg) --
China's central bank governor vowed to keep monetary policy “normal” for the foreseeable future, against the backdrop of a slowing economy weighed by repeated Covid outbreaks, a slumping property sector and easing external demand.
“China has the conditions to maintain a normal monetary policy and keep the yuan stable for as long as possible in a period of time in the future,” Governor Yi Gang said Friday in a report to the National People's Congress Standing Committee, according to an Economic Daily article reposted by the central bank.
China will enhance the stability of credit growth and continue to lower loan costs for both enterprises and individuals to keep macro-economic fundamentals stable, according to Yi. Policy makers will also increase the flexibility of the yuan exchange rate, strengthen the management of expectations, and keep the yuan exchange rate generally stable at a reasonable and equilibrium level, he said.
Yi, 64, was dropped off lists of full or alternate members of the Central Committee -- the country's most senior officials and political elites -- at the party congress this month. The change suggests Yi may not stay on in the government after retiring from the Central Committee.
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