China's central bank is sticking to its 'moderately loose' monetary policy for 2024, signaling confidence in boosting economic stability and growth despite global headwinds 🌪️. At a Tuesday press conference in Beijing, PBOC Deputy Governor Xuan Changneng highlighted the yuan's resilience and revealed key stats showing the strategy's success.
💰 Credit Growth & Economic Stability
China's yuan-denominated loans skyrocketed by 18.09 trillion yuan ($2.52 trillion) last year, while the M2 money supply grew 7.3% 📊. Xuan emphasized that these measures have supported 'reasonable' credit expansion, with total social financing up 8% year-on-year.
🌐 Yuan Holds Strong Globally
Despite market turbulence, the yuan exchange rate composite index rose 4.2% in 2024. 'The RMB has been a stabilizing force for trade and investment,' Xuan said, noting its outperformance against other major currencies 🛡️.
Analysts say the PBOC's focus on liquidity and exchange rate balance aims to cushion China's economy amid tech trade tensions and property sector challenges 🏗️. Stay tuned for how this plays out in Asia's markets!
