“China has the ability and conditions to effectively respond to external shocks and domestic downward pressure, stabilizing the economy and inflation, and continue to be a bright spot in the global economy,” said the People's Bank of China (PBOC) said in an article posted on its social media account.

The PBOC added: “The prudent monetary policy will be flexible on its intensity and focus, aiming to maintain stability before seeking progress as well as guide banks to vigorously expand credit issuance, optimize credit structure and promote lower financing costs.