China signals focus shift to policy delivery as PBOC drops stimulus language
Beijing likely to focus on implementing existing support measures, with the next policy window seen in December, analysts say
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China’s central bank’s decision to drop a reference to additional policy measures from its latest quarterly report suggests Beijing’s focus is shifting towards implementing existing support measures, with analysts pointing to December’s annual policy-setting meeting as the next window for fresh stimulus.
In its third-quarter monetary policy implementation report released on Wednesday, the People’s Bank of China (PBOC) removed a pledge included in its previous quarterly report to “timely plan and introduce pragmatic and effective incremental policies” from its list of priorities for the next stage.
The PBOC also maintained its “moderately loose” monetary policy stance, vowing to make comprehensive use of its monetary policy tools and adjust them as appropriate in response to domestic and external economic and financial conditions.
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