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China to Maintain “Prudent” Monetary Policies in 2012: Central Bank Governor

12-31 16:50 Caijing

China’s central bank will maintain a “prudent” monetary stance and “ensure the continuity and stability” of policy in the coming new year, said Zhou Xiaochuan.

The People’s Bank of China will maintain a “prudent” monetary stance and “ensure the continuity and stability” of policy in the coming new year, Zhou Xiaochuan, the central bank governor said in his New Year address today.

Using Parallelism sentences, Zhou said the central bank will “optimize credit structure, continue to deepen financial reforms, accelerate the development of financial markets, and strengthen and improve foreign exchange reserves.”

While looking back at the year 2011, the central bank has focused on a “primary task” of keeping prices stable, carried out “prudent” monetary policies, and “properly handled” relations between growth, economic restructuring and inflation management.

Zhou also pledges that the bank will “promote sound and fast economic development in China” in order to welcome the 18th National Congress of the Communist Party of China next year.

Expansion in the world’s second-biggest economy is slowing amid the gloom around the world, and China’s curbs on the property market and end of effect of stimulus measures taken in the financial crisis.

The gross domestic product grew 9.1 percent from a year earlier in the third quarter, the least in two years. The trend is likely to continue into the year 2012, with the Bank of Communications predicting that full-year growth for 2012 would slow to 8.5 percent.

Earlier this month, the PBOC cut banks' reserve requirement ratio (RRR) by 50 basis points –the first decrease in three years –to ease a liquidity strain as inflation softened.

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