PBOC manages monetary policy, financial risks effectively: deputy governor

The People's Bank of China (PBOC), the country's central bank, has adjusted monetary policy and managed financial risks in an effective and reasonable manner, said Lu Lei, deputy governor of the PBOC, on Thursday.

At a press conference in Beijing, Lu said the PBOC implemented three relatively large monetary policy adjustments in February, May and July this year, taking comprehensive measures in total volume, price, structure and transmission sectors to maintain reasonable liquidity and promote a steady decline in social financing costs.

The PBOC also guided and optimized the credit structure, improved the efficiency of fund use, and strongly supported the economic recovery, said Lu.

At present, the RMB exchange rate remains basically stable at a reasonable equilibrium level, said Lu.

In terms of financial risks, Lu said that the PBOC upholds the principle of coordinated development and security, works with relevant departments to effectively deal with and resolve financial risks in key areas, and continues to strengthen the construction of financial risk monitoring, early warning and assessment capabilities.

In particular, the PBOC has paid special attentions to the construction of early correction mechanisms with hard constraints, to the risk prevention and control of small and medium-sized financial institutions, and to the reform-based risk prevention promotion.

By establishing a financial risk management mechanism with equal rights and responsibilities and compatible incentives and constraints, the PBOC has also strengthened the guarantee of risk management resources and weave a tight and solid financial safety net, said Lu.

At present, the number of high-risk small and medium-sized banks has dropped by nearly half compared with the peak, said Lu.

PBOC manages monetary policy, financial risks effectively: deputy governor

Authorities in east China's coastal provinces Zhejiang and Jiangsu have launched emergency evacuation of residents to help mitigate the impact of Typhoon Bebinca -- the 13th typhoon of the year.

In Zhejiang's Pinghu City, communities have started the relocation work. The old town area of Xindai, home to about 1,400 permanent residents, including some 30 percent elderly, has been a focus of evacuation efforts.

Over 50 elderly residents have been evacuated to a temporary courtyard shelter, where they have plenty of space for meals and walking around. The shelter is equipped with folding beds, food, drinking water and medical staff standing by to address any health concerns.

The province also raised its emergency response for typhoon prevention to level II.

In Jiangsu Province, Nantong City has conducted comprehensive safety inspections and organized evacuations in key areas.

Nantong's Rugao Port on the Yangtze River was shutdown on Sunday afternoon.

All workers at the Zhangjiagang-Jingjiang-Rugao Bridge construction site -- located at a river shoal -- are evacuated ahead of the storm attack.

"From the temporary ferry to the Rugao-Zhangjiagang ferry, we have evacuated a total of 428 people. So far, all construction personnel of the Zhangjinggao Bridge within the scope of this construction site have been evacuated to our shelter," said Ding Xiaoxing, chief engineer of Rugao Water Affairs Department.

Authorities in Nantong has evacuated more than 1,400 people and over 200 vessels along the coastal area under its jurisdiction.

Making landfall in Shanghai on Monday morning, Typhoon Bebinca is the most powerful tropical cyclone directly hitting the Chinese financial hub in more than seven decades.

Zhejiang, Jiangsu evacuate residents as Typhoon Bebinca lands in east China