August 1, 2014 / 1:31 PM / 3 years ago

UPDATE 1-China's central bank says will fine-tune policy, keep reasonable credit growth

(adds details, PMI)

BEIJING, Aug 1 (Reuters) - China's central bank will keep up reasonable growth in credit and social financing and fine-tune its monetary policy in a timely way, the bank said on Friday.

The remarks by the People's Bank of China came after surveys showed China's factories posted strongest growth in at least 1-1/2 years in July as new orders surged to multi-month highs, cementing bets that the economy is re-gaining momentum after a spate of stimulus measures.

"The Central Bank shall maintain stable monetary policy, to keep continuity and stability in policy," the PBOC said in a quarterly policy document. "To maintain appropriate liquidity, and achieve reasonable growth in credit and social financing."

Worried by a slowdown in the economy in the first quarter, China began easing policy in April by cutting taxes, hastening investment, and lowering the reserve requirement for some banks.

The PBOC also said China's economy would maintain stable growth in the coming period. (Reporting by Chen Aizhu; Editing by Alison Williams)

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