China’s Central Bank to be more active in fending off financial risks: Governor

BEIJING-Reuters

China’s Central Bank will be more active in deploying macroeconomic controls and fending off financial risks, its governor, Zhou Xiaochuan, said on Dec. 11.

“Efforts should be made to enhance the initiative and relevance of macro-controls and prevention of financial risks,” Zhou said in comments published on the website of the People’s Bank of China (PBOC).

Zhou made the remarks at a central bank meeting on the implementation of agendas laid out by a key Communist Party Congress in October.

Zhou also pledged to push financial reforms and innovations.

China must defuse “major risks” in the economy, and fight poverty and pollution, President Xi Jinping said at the October meeting.

Authorities have moved to rein in financial risk and prevent a destabilizing build-up of debt in the world’s second-largest economy.