China central bank vows to keep credit growth stable

0 Comment(s)Print E-mail Xinhua, May 13, 2022
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File photo shows a worker counts Chinese currency Renminbi (RMB) at a bank in Linyi, east China's Shandong Province. [Photo/Xinhua]

China's central bank on Friday said that it would leverage various monetary tools to keep liquidity at an ample level while ensuring stable credit growth.

While the country's macro leverage ratio may likely rise, it will stay within a reasonable range, the People's Bank of China said in an online statement.

The statement came after the release of April's credit growth data, which showed a sharp contraction in new yuan-denominated loans from the level in March, reflecting a decline in financing demand from companies partly due to the pandemic impact.

The central bank will continue to lower the financing cost for companies and offer targeted support to those hit hardest by the pandemic.

Friday's data also showed that the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 10.5 percent year on year at the end of last month.

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