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China: China's central bank will maintain ample liquidity that aligns with growth, price targets

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Shotlist FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland) 1. Various of headquarters of People's Bank of China 2. Sign of People's Bank of China on wall 3. Various of banknotes going through cash counting machine; bank clerks working; bundles of Chinese yuan banknotes FILE: China - Date Unknown (CGTN - No access Chinese mainland) 4. Various of bank clerk serving client, brochure about loans to small and micro enterprises FILE: China - Date Unknown (CCTV - No access Chinese mainland) 5. Foreign exchange business counters 6. Signs showing "swift counter", "foreign exchange" 7. Chinese yuan banknotes going through counting machine 8. Japanese yen banknotes going through counting machine 9. Stacks of foreign banknotes 10. Various of bank clerk counting Chinese yuan banknotes, bundles of Chinese yuan banknotes 11. Various of equipment operating, researchers working in lab 12. Various of skyscrapers 13. Various of city view Storyline The People's Bank of China (PBOC), China's central bank, said that it will maintain ample liquidity to ensure that the growth of aggregate financing for the real economy and the supply of money align with economic growth and price targets. This will also help lower the overall financing costs for the real economy, according to a PBOC statement released on Wednesday following the central bank's monetary policy committee's fourth quarterly meeting, which outlined the key directions for future monetary policy. Efforts will be made to strengthen the guiding role of central bank policy rates, improve the market-oriented mechanism for interest rate formation and transmission, leverage the self-regulatory pricing mechanism for market interest rates, and enhance the implementation and supervision of interest rate policies, according to the meeting. Work will also be done to strengthen the resilience of the foreign exchange market, stabilize market expectations, guard against the risk of exchange-rate overshooting, and keep the RMB exchange rate basically stable while being adaptive and maintaining equilibrium, the meeting said. It noted that various structural monetary policy tools should be effectively implemented and that financial support should be enhanced to expand domestic demand, promote sci-tech innovation, and support small and medium-sized enterprises.

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