August 1, 2018 / 12:04 PM / 3 months ago

China central bank to fine-tune policy to ensure ample liquidity

FILE PHOTO: Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) - China’s central bank will fine-tune monetary policy in a “pre-emptive” way to ensure liquidity is reasonably ample, it said on Wednesday, amid heightened trade tension that has stiffened economic headwinds.

Top leaders pledged on Tuesday to keep China’s economic growth within a reasonable range and achieve this year’s target despite challenges as a trade war with the United States intensifies.

“We will implement a prudent monetary policy and make policy more forward-looking, flexible and effective,” the People’s Bank of China said in a statement after a meeting.

It would balance risk prevention with support for the economy, it added.

China will steadily push forward efforts to internationalize its yuan currency and make it convertible on the capital account in an orderly way, the central bank said.

It reaffirmed a pledge to open China’s financial sector wider to foreign investors.

Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Richard Borsuk and Clarence Fernandez

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