BEIJING, Nov 11 (Reuters) - China's central bank vowed to step up counter-cyclical adjustments, expand domestic demand and optimise supply to strive to achieve the annual economic development goals amid domestic and external headwinds, according to its third-quarter monetary policy implementation report released on Wednesday.
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China's economy faces challenges including a mismatch between strong supply and weak demand, structural imbalances and external shocks, and the external environment has become increasingly complex and volatile, the People's Bank of China (PBOC) said in the report.
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The PBOC said it would continue to implement appropriately loose monetary policy to create a favourable monetary and financial environment for stable economic growth.
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The central bank reiterated its pledge to adjust monetary policy tools in a timely manner.
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The PBOC said it would maintain low overall borrowing costs and keep the yuan exchange rate basically stable at a reasonable and balanced level.
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The central bank will strengthen financial support for key areas including domestic demand, scientific and technological innovation and infrastructure projects, according to the report.
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The central bank also vowed to enrich its policy toolkit and safeguard the stable operations of the stock, bond and foreign exchange markets.
Reporting by Beijing Newsroom; Editing by Andrew Heavens and Toby Chopra
Source: Reuters