China's central bank deleted several phrases in a quarterly report on monetary policy, a move that economists said signals a shift toward more stimulus.
The deleted reference to money supply was first made in a report in November 2020, when the central bank was about to wind down pandemic-era stimulus, Larry Hu, chief China economist at Macquarie, said in a note Sunday.In a section about keeping monetary policy flexible and targeted, the PBOC also deleted a reference to maintaining "normal" monetary policy.
The PBOC on Monday kept its benchmark lending rate unchanged for a 19th straight month since April 2020. Instead, deleting these rather "absolute" statements gives policymakers more space for future operations, Pang said, noting policymakers have used not used the phrases much in the last month or so.
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