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Economic Buzz: China's PBOC Sees 7.5% GDP Growth Minimum For 2012

capital market | Mumbai | February 13, 2014 01:55 IST

Economic Buzz: China's PBOC Sees 7.5% GDP Growth Minimum For 2012

China will "definitely" meet or exceed its official target of 7.5% gross domestic product growth this year, People's Bank of China Vice Governor Yi Gang said Thursday.

China's Statistics Bureau Chief Ma Jiantang echoed Mr Yi's remarks, saying China "has conditions to meet" its economic targets this year.

Both officials were speaking on the sidelines of the Communist Party Congress in Beijing, where the next generation of Chinese leaders will be anointed.

Mr. Yi said that China's economic direction is getting better and loan demand is improving. The inflation situation, he added, is "not bad" at the moment.

Mr. Yi, who also heads the State Administration of Foreign Exchange, the country's foreign exchange regulator, said recent cross-border capital flows are "normal," and the yuan is already near its equilibrium exchange rate.

Asked if China would consider expanding the yuan's daily trading band against the dollar, he said the current trading band is "appropriate."

The yuan hit its 1% upside limit against the U.S. dollar for the eighth straight trading session on Thursday.

China's GDP grew by 7.4% from a year earlier in the third quarter, and by 7.7% in the first three quarters of the year, according to data from the National Bureau of Statistics.

A spate of better-than-expected data for the month of September, including exports and industrial production, has bolstered market confidence that the slowdown in the world's second-largest economy is ending

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Economic Buzz: China's PBOC Sees 7.5% GDP Growth Minimum For 2012
Economic Buzz: China's PBOC Sees 7.5% GDP Growth Minimum For 2012
Economic Buzz: China's PBOC Sees 7.5% GDP Growth Minimum For 2012
http://www.indiainfoline.com/article/capital-market-commodity-futures-pre-session-commentary/economic-buzz-china-s-pboc-sees-7-5-gdp-growth-minimum-for-2012-114021304746_1.html
February 13, 2014 01:55 IST
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