China's central bank pledges timely policy tool adjustment

 China's central bank pledged to adjust monetary policy tools in a ​timely manner and facilitate panda bond issuance, a statement ‌showed on Sunday. The People's Bank of China (PBOC) will continue to implement an appropriately loose monetary policy and maintain ample liquidity, according to the readout of a ​work meeting on Saturday to map out the second half ​of the year. The PBOC statement pledged to "steadily promote the ⁠high-level opening of the financial market... advance domestic and international ​infrastructure cooperation, and enrich liquidity management and risk hedging tools." It would "continue ​to financially support debt risk resolution of local government financing vehicles, and promote their market-oriented transformation," it added. As well as supporting more overseas institutions issuing yuan-denominated bonds, ​known as panda bonds, the central bank would help Shanghai enhance cross-border ​finance and offshore financial services, and consolidate Hong Kong's position as an offshore ‌yuan ⁠hub, the statement said. The meeting, headed by PBOC Governor Pan Gongsheng, followed a call by the Communist Party's Politburo on Thursday to accelerate the pace of fiscal spending on already budgeted infrastructure projects ​in the remainder ​of the year. Data ⁠released last month showed economic growth at 4.3% in the second quarter, its slowest in more than three years and missing ​the lower end of a full-year target of 4.5% ​to ⁠5.0%. The Politburo, a top party decision-making body, acknowledged "difficulties and challenges facing the economy" at its meeting, the official Xinhua news agency said. China must "accelerate the pace of ⁠fiscal ​expenditure" and enhance the flexibility and forward-lookingness ​of monetary policy, a summary of the discussion showed