China’s Central Bank Emphasizes Jobs and Controlling Inflation

(Bloomberg) — The People’s Bank of China (PBOC) emphasized in its quarterly report that it will stabilize jobs and inflation, reaffirming that monetary policy will provide stronger support to the real economy.

The PBOC will “coordinate work on stabilizing employment and prices,” according to a statement published Wednesday after a meeting of the bank’s monetary policy committee chaired by Governor Yi Gang. Global economic growth is slowing, and inflation is running high, while domestic Covid-19 control work is still difficult despite a recent improvement, the board decided at the June 24meeting.