China’s Central Bank has pledged more support measures for the ailing Chinese economy. On the edge of the people’s Congress in Beijing’s Central Bank chief Yi Gang said on Sunday that the Central Bank to see, given the pressure under which the world economy is standing still. You can reduce the capital buffers for banks – however, in the extent as before. To boost lending to small firms had eased, the Central Bank targets last year alone, five Times.
At the start of the annual session of the national people’s Congress announced China’s government is already billions in tax cuts and investments against the looming economic slowdown. China’s fiscal policy will be more vigorous, said Prime Minister Li Keqiang. The growth target for 2019 is only 6.0 to 6.5 percent. In the past year, the second largest economy in the world was grown by 6.6 per cent – the smallest increase since 1990.
At the same time, Yi Gang reiterated the promise of China, the exchange rate of the Yuan against the US Dollar, not to manipulate. In the US, the charge is again and again that China is the weakness of its currency to promote its exports. In the process, Beijing is seeking, according to experts, on the contrary, that the Yuan will depreciate even faster.
Yi Gang said on Sunday that the exchange rate had also been the subject of recent talks for the settlement of the tariff dispute between the U.S. and China. “We emphasize that we will never use the exchange rate for competitiveness objectives, nor will we use it to boost China’s exports,” said Yi. “Our two countries have reached consensus on important issues,” said the Central Bank chief, to call without the Details.