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.
- China sends Venezuela 80 tons of earthquake relief materials
- Residential fire in Zhengzhou kills five, injures one
- CNS Sichuan receives new hardware as commissioning draws near
- Shanghai sports festival draws on growing passion for athletics
- China test fires nuclear-capable missile in the Pacific
- 32 Butterbear installations pop up in Shanghai
