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China’s financial markets are little affected by the monetary policy changes implemented by US Federal Reserve over the past year, Sun Guofeng, head of the People’s Bank of China’s (PBOC) monetary policy department, said while briefing at a media conference in Beijing.

Additional quotes

“The positive effect of China’s normal monetary policy stance is emerging.”

“We’re happy to see efforts by other economies to return to normal monetary policy which will be beneficial for the long-term healthy development of the global economy.”

“The PBOC noted the recent hikes in US Treasury yields, which led to the appreciation of the dollar and increasing risks in re-financing and debt repayment for some emerging markets.”

“The PBOC will keep the yuan’s exchange rate basically stable at a reasonable level, and step up prudent management of cross-border capital flows and guide expectations.”

“There is also a need to keep China’s benchmark lending rate for corporate and household loans, Loan Prime Rate (LPR), at a reasonable level.”

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