January 1, 2020 / 2:54 AM / 23 days ago

China's central bank says economic growth resilient despite large pressure

BEIJING, Jan 1 (Reuters) - China’s central bank said on Wednesday that economic growth remains resilient despite relatively large downward pressure.

The People’s Bank of China (PBOC) also said it will keep the yuan exchange rate balanced and stable, in a statement following its monetary policy committee’s fourth-quarter meeting.

The PBOC also said it would use multiple monetary tools and flexible policy to maintain liquidity.

China’s economic growth has cooled to near 30-year lows under pressure from weak domestic and global demand and the prolonged Sino-U.S. trade war. Though activity has shown hints of improvement recently, analysts still widely expect Beijing to roll out further stimulus measures in 2020 to avert a sharper slowdown.

Reporting by Cate Cadell; Editing by Kim Coghill

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