January 1, 2020 / 3:09 AM / 20 days ago

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

FILE PHOTO: A woman walks out of the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo

BEIJING (Reuters) - China’s central bank said on Wednesday that economic growth remains resilient despite relatively large downward pressure and mounting external uncertainty.

The People’s Bank of China (PBOC) will work on preventing and defusing financial risks amid “profound changes” in the domestic and international economy, it said in a statement following the fourth-quarter meeting of its monetary policy committee.

The PBOC said it will keep the yuan exchange rate CNY=CFXS balanced and stable and use multiple monetary tools and flexible policy to maintain liquidity.

It also said it will keep M2 money supply and social financing growth in line with nominal gross domestic product (GDP) growth.

China’s economic growth has cooled to near 30-year lows.

Though economic activity has shown hints of a pick up recently, analysts 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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