The People's Bank of China (PBOC) vowed to offer more monetary policy support to ramp up economic growth, dented by the latest coronavirus outbreaks in the country.

The PBOC said Wednesday, "(We shall) waste no time planning incremental policy tools to support steady economic growth, stabilize employment and prices ... to provide a fair monetary and financial environment.”

Last week, China's central bank pledged to maintain orderly growth for the property sector while continuing to monitor and control financial risks.

The policy support is much-needed at a time when the covid lockdowns in the world’s second-largest economy have fuelled a severe contraction in the services and manufacturing sector. China’s Caixin Services PMI contracted to 36.2 in April vs. 42.00 reported in March.

Related reads

• China Caixin Services miss caps AUD advance
• USD/CNH Price Analysis: Extends bounce off weekly low towards 6.6400 on downbeat China data