Addressing China's top legislative body last week, People's Bank of China (PBoC) governor Pan Gongsheng reportedly said that he will step up counter-cyclical adjustment and strengthen the consistency of macroeconomic policies to form synergy between monetary and financial policies.
The boss of the Chinese central bank also promised to maintain the yuan exchange rate at a reasonable and balanced level. He noted that the PBoC should resolutely guard against the risk of exchange rate overshoot.
In addition, Pan pledged to strengthen financial oversight comprehensively to prevent systemic risks.