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China central bank says macro policy will depend on domestic conditions
Reuters reports that a central bank official said that China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year.
Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Fed would have a limited impact on China's monetary policy.
"It's normal for the United States and China to have different operations of their monetary policy," Sun said.
"China's stance of prudent monetary policy has not been altered."
The PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.
The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.
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