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
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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