China central bank vows to keep credit growth stable

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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.— Xinhua

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