China's monetary policy faces new challenges: PBOC governor

BEIJING - China's central bank governor said the country is facing unusually intricate economic circumstances at present, which pose new challenges to the bank's monetary policy.

Zhou Xiaochuan, governor of the People's Bank of China (PBOC), made the remark during a seminar held in East China's Zhejiang province, a region with thriving private lending, according to an online note released by the bank on Tuesday.

China is trying to manage multiple tasks simultaneously amid increasing downward pressure, including stable economic growth, structural adjustment, reform, risk control and people's well-being.

This represents fresh challenges to the world's second-largest economy, which is striving to ensure stability and improve services in the financial sector with a prudent monetary policy, Zhou said.

He asked all branches of the PBOC to follow the current monetary policy and help create a sound environment to support the local economy and facilitate national reform.

Improving financial supervision and pushing forward an inclusive financial system were also mentioned in the note.

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