PBOC’s Yulu sees no need for major stimulus in next five years – China Press

In an interview with Yicai on Tuesday, the People’s Bank of China (PBOC) Deputy Governor Chen Yulu said that the central bank doesn’t see any need for major stimulus support for China’s economic growth for the next five years.

The PBOC will keep money supply and the growth of total social financing on par with nominal GDP expansion, Chen said.

He added that “the central bank will not use the yuan’s exchange foreign rate as a tool to gain competitive advantage.”

Market reaction

USD/CNY battles 6.5300, better bid on the day. The cross retreats from three-month tops of 6.5437, although continues to benefit from broad-based US dollar strength.

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