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The People’s Bank of China (PBOC) said on Thursday, the economic recovery is not on a solid footing yet, adding that the central bank will continue supporting small and micro firms.

Key quotes

“Will maintain credit support continuity, stability for small and micro firms.”

“Will maintain the position that housing is for living, not for speculation.”

“Will guide commercial banks to step up support for carbon emission reduction financing activities.”

Market reaction

USD/CNY is on the front foot, helped by the persistent upbeat tone around the US dollar and mixed comments from the Chinese central bank.

The spot was last seen trading at 6.5317, gaining 0.15% so far.