Highlights of NPC Press Conference

CNC
Added On March 14, 2019

Officials from China's central bank have met the press on the sidelines of the country's annual legislative session.
They have taken questions regarding China's monetary policy, financial reform and development.
 
Let's take a look.
 
Yi Gang, head of the People's Bank of China (PBOC), said China will continue to adopt a prudent monetary policy that will be eased or tightened to the right degree.
He added that it will also entail greater support to small- and micro-sized enterprises and private businesses.
 
Yi said that there is still some room for lowering the country's reserve requirement ratio. He noted that the overall reserve requirement ratio now stands at around 12 percent, a similar level as some developed countries.
 
The central bank governor also said China and the United States discussed exchange rates and reached consensus on many key, important issues in the latest round of economic and trade talks.
He said the two parties discussed how to respect the autonomy of each other's monetary authorities in determining the monetary policy.
 
In regards to China's financial reform, Yi said China has implemented most of the financial market opening up measures it announced last year.
 
Fan Yifei, deputy governor of the central bank, said that China will boost the role of financial technology (fintech) in serving the real economy and forestalling financial risks.
 
Fan noted that Fintech is expected to help easing financial difficulties and lowering costs for private enterprises and small- and micro-sized businesses.