PBOC says it's necessary to increase support for the economy

The People's Bank of China (PBoC), National Financial Regulatory Administration (NFRA) and China Securities Regulatory Commission (CSRC) held a meeting on Financial Incremental Policies on Friday. The Chinese officials said they will implement incremental policies following a meeting on October 16.  

Key quotes

Urges financial institutions to act swiftly in implementing expansive financial policies.

Necessary to increase credit support for the real economy and maintain reasonable growth in the total amount of money and credit. 

Necessary to also strengthen the implementation and transmission of interest rate policies and solidly organize the batch adjustment of interest rates to reduce the stock of housing loans. 

Boosting market confidence to be continued. 

Emphasizes increasing support for financing small firms.