China’s central bank says focus is on growthBloombergPeople’s Bank of China (PBOC) Governor Yi Gang (易綱) said the central bank’s attention is to be centered on economic growth, a sign policymakers might shift gear toward supporting economic recovery as the nation gradually eases COVID-19 controls. “Our focus is growth right now,” Yi said yesterday in a video speech given to a central bank conference in Bangkok. Photo: REUTERSThe central bank recently surprised market watchers by cutting the reserve requirement ratio for banks — unleashing more cash that banks can use for lending. Yi’s comments “confirmed the recent shift of policy focus to growth after the party congress” in October, Mizuho Bank foreign exchange strategist Ken Cheung (張建泰) said. European Central Bank President Christine Lagarde, Reserve Bank of Australia Governor Philip Lowe and Bank Indonesia Governor Perry Warjiyo attended the event.
