China to maintain prudent, neutral monetary policy: central bank

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BEIJING, Dec. 29 (Xinhua) -- China will maintain a prudent and neutral monetary policy while keeping control over the money supply, the People's Bank of China (PBOC) said Friday.

It will improve the "two-pillar" policy framework that includes monetary policy and macro-prudential policy, and advance interest rate and exchange rate reform.

China's economy expanded 6.9 percent in the first three quarters, well above the target of around 6.5 percent for the whole year.

China's economy is running stable but is confronting with a complex situation, according to the statement.

The quarterly meeting was chaired by Zhou Xiaochuan, the PBOC governor and chairman of the monetary policy committee.

The statement came as China attempts to ensure stable economic growth and liquidity while avoiding the risks accumulated over years of credit binges and lax regulation.

The global economy is gradually recovering, with recovery in the developed economies largely sustained, but issues remain in some emerging economies and hidden risks lie in international financial markets, the statement said.

The statement was in line with the Central Economic Work Conference earlier this month.

The PBOC also said it will optimize financing and credit structure by promoting direct financing.

The PBOC will endeavor to maintain reasonable growth in credit and social financing and keep appropriate liquidity, it said in a statement issued after a quarterly meeting.