China central bank pledges flexible monetary policy to support growth

China's central bank pledged on Friday to calibrate the intensity, timing and pace of monetary policy based on economic conditions to support stable growth.

The People's Bank of China said it will maintain the yuan exchange rate "basically stable at a reasonable and balanced level," and promote the currency's international use, according to a statement following a meeting on implementing directives from a key Communist Party plenum this week.

The bank said it would strengthen monitoring of systemic financial risks and support efforts to resolve risks in local government financing vehicles and the real estate market.

Reuters