China central bank aims to improve information disclosure and transparency

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[May 23, 2018] BEIJING (Reuters) - China's central bank pledged on Wednesday to improve its information disclosure as part of steps to make its policy-making process more transparent.

 

The People's Bank of China (PBOC) has been trying to communicate more effectively with markets when it issues new policies and give more context and details to global investors often puzzled by China's opaque policy-making process.

"We will continuously improve the central bank's credibility and transparency," the PBOC said in a notice published on its website.

The central bank would "strengthen its policy interpretation and information disclosure, deliver its policy intentions in a timely way and reasonably guide market expectations", it said.

The central bank said it would issue data on bank lending, internet finance and payments system in a timely manner and get its message across through media briefings and interviews.

The PBOC would also closely monitor media reports and public opinion to prevent its policy intentions from being misread by the financial market, it added.

The central bank reaffirmed that it would maintain its prudent and neutral policy while preventing financial risks.

The PBOC has in recent years gained more policy influence, even though the central bank still lacks the independence of institutions such as the U.S. Federal Reserve and needs cabinet approval to change interest rates or the value of the yuan.

(Reporting by Kevin Yao; Editing by Jacqueline Wong)

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