On December 2, Yi Gang, Governor of the People’s Bank of China, delivered a speech at the “Central Bank under Global Change” seminar co-hosted by the Central Bank of Thailand and the Bank for International Settlements.
Yi Gang said that due to the impact of the new crown epidemic and other factors, China’s economic growth rate was slightly lower than expected, and GDP in the third quarter increased by 3.9% year-on-year. In order to stabilize growth and employment, the prudent monetary policy has been stepped up in a timely manner.
In terms of the total amount, the People’s Bank of China recently cut the RRR by 25 basis points, leading the market interest rate to decline. At the same time, we also use structural monetary policy tools to continue to strengthen support for “agriculture, rural areas and farmers”, small and micro enterprises, private enterprises and green development.
