China's central bank sticks to prudent monetary policy

Beijing (Oct 5)   China will continue its prudent monetary policy, flexibly use monetary instruments and maintain "moderate" liquidity to achieve reasonable growth in loans and social financing, the central bank said on Sunday.

After its monetary policy committee concluded its quarterly meeting.the People's Bank of China (PBOC) said it will closely watch new developments in the domestic and international economy and finance as well as changes in international capital flows.

The Chinese economy is running within a "proper range" with prices remaining stable, but the world's second-largest economy is still faced with complicated situations, meeting participants said.

China is today the world's largest consumer and producer of gold. Moreover,  the China government promotes gold buying by its citizens. To be sure there are reports that Beijing aims to replace the US dollar with the Renminbi as the world's Foreign Reserve Currency.

Source: ChinaDaily