China's central bank reiterates sound property market development

China will maintain the healthy development of its real estate market and protect the rights and interests of consumers, said the central bank.

In a statement released after a quarterly meeting of its monetary policy committee, the People's Bank of China (PBOC) said it would build a system and mechanism to support China's actual economic development.

The PBOC will guide financial institutions to increase medium and long-term loans to the manufacturing industry, and strive to scale up financial support for private enterprises, said the statement.

The prudent monetary policy should stay flexible, precise, reasonable, and moderate, said the bank. It stressed that China should strengthen the stable growth in the total credit amount, ensure that money supply growth and social financing match nominal economic growth, and keep its macro leverage ratio fundamentally solid.

The additional 300 billion yuan (46.37 billion U.S. dollars) of special central bank lending should be fully implemented, providing stronger support for small and micro enterprises, said the statement.

The bank should deepen market-oriented exchange rate reforms and increase the yuan's flexibility while keeping the currency's exchange rate stable at a reasonable and balanced level, said the statement.