Zou Lan, head of monetary policy at People Bank of China (PBOC) reaffirmed on Thursday that the central bank “will continue implementing prudent monetary policy.”

Additional quotes

“To consolidate financing support for the real economy as demand still needs time to pick up.”

“To maintain the trend of economic recovery amid "scarring effect" of Covid-19.”

“Expect inflation to pick up later this year.”

“But see no basis for long-term deflation or inflation in the country.”

Market reaction

At the time of writing, AUD/USD Is consolidating its rebound at around 0.6720, up 0.10% on the day.