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China’s central bank will keep in close communication with the International Monetary Fund on key topics centered around the global and Chinese economies, according to People’s Bank of China Governor Zhou Xiaochuan.
Zhou made the remarks in a meeting with IMF Deputy Managing Director David Lipton in Beijing, according to a statement released on the central bank’s website on Monday.
Lipton, in Beijing ahead of the release of a so-called Article IV update on China’s economy, said at the meeting that the Fund will boost cooperation with the PBOC to support China’s economic transformation. The two also exchanged views on IMF reform and strengthening China’s cooperation with the Fund.
Global leaders including US Treasury Secretary Jacob J Lew have called on China’s authorities to improve policy communication as the nation is taking on a bigger role in global economy. China is also approaching global economic organizations including the IMF and World Bank to establish an annual meeting that would offer the nation a stronger policy voice on the world economic stage, Bloomberg has reported.
PBOC with the power to carry out monetary policy and regulate financial institutions in mainland China. The People’s Bank of China has more financial assets than any single public institution, and is second only to the Federal Reserve System of the United States in terms of overall central bank assets.
The PBC has established 9
regional branches, one each in Tianjin, Shenyang, Shanghai, Nanjing, Jinan, Wuhan, Guangzhou, Chengdu and Xi’an, 303 municipal sub-branches and 1809 county-level sub-branches. The People’s Bank of China (PBC) is the largest central bank at US$3.201 trillion.