China Central Bank Vows Continued Support Amid Economic Challenges

China's central bank reaffirms its supportive monetary policy stance, exploring new measures to bolster economic recovery. During a symposium, Governor Pan Gongsheng emphasized financial support and counter-cyclical adjustments. Recent data shows a property slump, weak exports, falling prices, and low bank lending, prompting interest rate cuts to stimulate growth.

China's central bank has announced its commitment to maintain a supportive monetary policy stance, and is considering new measures aimed at bolstering the country's economic recovery. This statement was released on Thursday by the central bank.

Governor Pan Gongsheng emphasized the importance of strengthening financial support to the real economy and increasing counter-cyclical adjustments. His comments were made during a Monday symposium that included economic experts and financial firm officials.

The world's second-largest economy is facing a challenging start to the second half of the year, marked by a property slump, weak exports, declining prices, and disappointing bank lending indicators. In response, China surprised markets by cutting major short- and long-term interest rates in July, the first such move in almost a year, signaling a strong commitment from policymakers to foster economic growth.

Bank lending fell more than anticipated in July, reaching its lowest level in nearly 15 years due to lackluster credit demand. This has increased expectations that the central bank may introduce additional easing measures.

(With inputs from agencies.)