May 10, 2020 / 4:57 AM / in a month

China central bank to step up counter-cyclical adjustments, deepen lending rate reforms

BEIJING (Reuters) - China’s central bank said on Sunday it will make prudent monetary policy more flexible and step up counter-cyclical adjustments to support the real economy and fend off financial risks.

The People’s Bank of China (PBOC) said it the will continue to deepen lending rate reforms, improve the monetary policy transmission mechanism and guide lending rates lower.

In its first-quarter monetary policy implementation report, the bank added that it would deepen foreign exchange market reform, maintain yuan flexibility and keep the yuan basically stable.

It will also support private firms in raising money via equity financing and bond sales.

Reporting by Judy Hua, Samuel Shen and Yew Lun Tian; Editing by Raju Gopalakrishnan

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