PBOC Governor Pan: Interest rate and RRR tools will be utilized to maintain ample liquidity

People's Bank of China (PBOC) Governor Pan Gongsheng said on Monday that “interest rate and RRR tools will be utilized to maintain ample liquidity.”

Additional comments

Reaffirms China plans to increase the fiscal deficit.

China will remain a driving force for the global economy.

Policy focus should shift towards investment and consumption.

Challenges persist in China's economic development.

Emphasis will be placed on boosting residents' consumption demand.

China's real estate market is reaching a new equilibrium.

Will significantly increase China's national foreign exchange reserve allocation in Hong Kong.

Will support Hong Kong monetary authority to use exchange funds to replenish the offshore Renminbi market.