China’s central bank said it will maintain a “moderately loose monetary policy” and aims to consolidate the nation’s economic recovery.
“To continue to foster the relatively smooth and fast economic development is the top priority,” the People’s Bank of China said in a statement on its Web site that cited recent remarks by Su Ning, a deputy governor, in Shanghai. The Web site posting came hours after the biggest tumble in a benchmark Chinese stock index in eight months.
The comments echo those of Chinese officials who met with U.S. counterparts in Washington this week. Stimulating economic growth is the “top priority,” China’s Vice Premier Wang Qishan said in remarks yesterday closing the two days of discussions. PBOC Governor Zhou Xiaochuan said yesterday there are “a lot of uncertainties concerning where the economy will go.”