PBOC Governor Pan: Will make every effort to maintain the overall stability of the financial system

People's Bank of China (PBOC) Governor Pan Gongsheng said on Monday that they “will make every effort to maintain the overall stability of the financial system.”

Additional quotes

Will step up counter cyclical adjustment.

We should resolutely guard against the risk of exchange rate overshoot and maintain the basic stability of the rmb exchange rate at a reasonable and balanced level.

Will comprehensively strengthen financial regulation, improve regulation effectiveness.

Will strengthen the consistency of macroeconomic policies and form a synergy between monetary and financial policies and fiscal, industrial, and employment policies.

Will improve a cross-border payment system which is independent and controllable.

Will continue to resolve financial and debt risks of local government financing vehicles (LGFVs), reduce the number of LGFVs and push forward their market-oriented transformations.

Will broaden the channels for foreign investors to invest in domestic capital market.

Will increase loans for 'white list' housing projects.

Will satisfy tech firms' financing demand in their different stages of growth.

Will improve policy tools to address abnormal fluctuations in the stock market.

Will strengthen financial oversight comprehensively to prevent systemic risks.