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China to keep relaxed monetary policy

(Agencies)
Updated: 2009-04-13 10:25

China will continue to implement a "moderatedly relaxed" monetary policy and keep sufficient liquidity in the banking system, the People's Bank of China said on Sunday.

Related readings: Premier: Chinese economy shows signs of positive changes New loan companies offer help to small enterprises Bank loans hit record in March Bank loan hits $156.3b in Feb. BOC reports strong SME loan growth

The statement appeared to be the central bank's response to new data released on Saturday, which showed new yuan loans and money supply growth both surged to record highs in March.

"We must continue with macro-economic controls set by the central party committee and state council, implement a moderately relaxed monetary policy, maintain continuity and stability of monetary policy," the bank said in a statement after a routine meeting to review economic performance in first quarter.

"We must maintain liquidity in the banking system, and ensure that monetary supply is sufficient to meet the needs of economic development.

Banks extended 1.89 trillion yuan ($276.6 billion) in local currency-denominated loans in March, bringing the total for the first quarter to 4.58 trillion yuan -- nearing the government's full-year target of at least 5 trillion yuan.

That helped lift annual growth in the broad M2 measure of money supply to a record 25.5 percent in March, up from 20.5 percent in February and easily exceeding economists' expectations of a 21.

"Give more support to the agricultural sector, small and medium enterprises and other weak links, concretely resolve some financing difficulties faced by companies, strictly control lending to high-polluting, high-energy consuming industries and to those with over-capacity," the bank added.