China to timely fine-tune monetary policy: central bank

 　　BEIJING, May 10 (Xinhua) -- China will maintain a prudent¹ monetary² policy in the months ahead, while timely and appropriately fine-tuning the policy, the People's Bank of China (PBOC), or the central bank, said Thursday.

　　The government will make its monetary policy more targeted, flexible and forward-looking, said a report released by the PBOC to address the country's monetary policy adopted in the first quarter.

　　The statement came as the world's second largest economy is trying to cool inflation while sustaining economic growth. Its first quarter GDP growth hit a nearly three year low of 8.1 percent caused by sagging³ exports and domestic tightening⁴ efforts.

　　The economy still has many favorable conditions and positive factors to support steady growth, the report said, citing an improving external market and rapid development in the country's central and western regions, it said.

　　But it also faces lingering uncertainties⁵, which include a correcting property market that will affect growth in the short term, and fluctuating consumer prices, the report said.

　　Consumer prices may rebound⁶, as prices of labor⁷-intensive agricultural products, service products and resource products tend to surge on rising labor costs, and a volatile⁸ global commodity market has kept imported inflationary pressure in place, the report warned.

　　The growth of China's consumer price index, a main gauge⁹ of inflation, eased to 3.6 percent in March from a nearly-three-year high of 6.5 percent in July last year. April's CPI data will be released on Friday.

　　While checking changes in foreign exchange funds and market credit demand, the PBOC will use combined monetary tools such as open market operations and banks' reserve requirement ratio (RRR) to flexibly regulate banking¹⁰ liquidity¹¹, it said.

　　The PBOC will optimize¹² the credit structure to better serve the real economy, directing bank lending to support rural development, small- and micro-sized enterprises, projects designed for public welfare, and emerging industries of strategic importance, it said.

　　The report said the PBOC will study steps and approaches to further push market-oriented interest rates, and continue efforts to reform exchange rate policy, including increasing the yuan's two-way floating flexibility¹³ and reducing its intervention¹⁴ in foreign exchange market.

　　The PBOC will also work to promote development of a pilot financial reform zone in the eastern city of Wenzhou, encouraging and supporting private capital to go into reforms of local financial institutions and speed up development of new financial organizations, it added.

　　China approved plans to set up the pilot zone late March as underground private financing activities in Wenzhou, a major source of funding for the nation's small and medium-sized businesses, have stirred up financial disputes and threatened financial and economic stability.

1 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。

2 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

3 sagging   

下垂[沉，陷]，松垂，垂度

参考例句：

• The morale of the enemy troops is continuously sagging. 敌军的士气不断低落。
• We are sagging south. 我们的船正离开航线向南漂流。

4 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

5 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告

6 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

7 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

8 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

9 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

10 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

11 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

12 optimize   

v.使优化 [=optimise]

参考例句：

• We should optimize the composition of the Standing Committees.优化人大常委会组成人员的结构。
• We should optimize our import mix and focus on bringing in advanced technology and key equipment.优化进口结构，着重引进先进技术和关键设备。

13 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

14 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。