China reiterates prudent monetary policy for 2012

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The statement was released by the People's Bank of China after data showed that growth in the world's second-largest economy slowed for a sixth quarter, rising 7.6 percent year on year during the April-June period.

China's economy is facing a complicated environment both at home and abroad and the government's macroeconomic regulations are challenged by increasing dilemmas⁶, the central bank said, citing the downward pressure on economic growth and lower profits for some companies.

The central bank vowed⁷ to enhance the role of finance in supporting the real economy and beef up services to boost demand and the development of small enterprises.

The country will move ahead with interest rate reforms and step up efforts to develop a market-oriented benchmark interest rate system, it said.

It also pledged to improve the exchange rate formation mechanism⁸ for the yuan and maintain the basic stability of the currency while expanding the currency's use in cross-border trade settlement and investment.

To stabilize⁹ economic growth, the central bank last week announced cuts in benchmark interest rates for the second time in a month this year.

It has also cut the reserve requirement ratio -- the amount of cash banks are required to hold as reserves -- three times since November to bolster¹⁰ the economy.

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