China to maintain prudent monetary policy

China's central bank said Saturday it will ensure a reasonable level of social financing, a measure of funds raised by entities in the real economy, as it maintains a prudent monetary policy this year. The People's Bank of China said it will balance efforts on ensuring stable and relatively fast economic growth, maintaining the overall stability of prices and preventing financial risks. It will continue moving forward to enhance the pertinence and flexibility of its monetary policy, according to a statement issued after its first-quarter monetary policy report. Although uncertainties remain, the country's economic development and financial system are both in line with the expectations of macro-economic regulation, it added. The central bank said it will gradually promote the liberalization reform of interest rates and improve the formation mechanism of the yuan's exchange rate to promote greater two-way flexibility and ensure its stability.