Off-balance sheet lending won't affect interest rate, says PBOC
It is "normal and beneficial" for China to put some off-balance sheet lending into the framework of balance sheet management and such a structural adjustment will not have a major bearing on interest rate levels, said Zhou Xiaochuan, central bank governor, on Friday.
"The central bank cares more about overall (financial) figures ... and influence of overall indicators on economic growth quality, prices and employment," Zhou said at a press conference during the first session of the 13th National People's Congress.
China has strengthened financial regulation and broadened its regulatory oversight to include products not counted on the balance sheets of financial institutions, such as the so-called wealth management products, to forestall financial risks. Such an adjustment is based on normal regulatory and accounting requirements and will not have a major bearing on overall financial figures, he said.
- Yellow River maintains good water quality for 3 consecutive years
- Chinese team designs tiny robot sensor for tasks inside bodies
- Chinese researchers develop movable electrode for more advanced brain-computer interfaces
- China launches construction of high-precision telescope project on 'roof of the world'
- South China city reports over 1,700 Chikungunya cases
- Xinjiang starts building new expressway linking north and south
