China central bank to be more active in fending off financial risks, governor says

Reuters
China's central bank governor Zhou Xiaochuan speaks during a session on the second day of the 19th National Congress of the Communist Party of China at the Great Hall of the People in Beijing, October 19, 2017. REUTERS/Thomas Peter

BEIJING (Reuters) - China's central bank will be more active in deploying macroeconomic controls and fending off financial risks, its governor, Zhou Xiaochuan, said on Monday.

"Efforts should be made to enhance the initiative and relevance of macro-controls and prevention of financial risks," Zhou said in comments published on the website of the People's Bank of China (PBOC).

Zhou made the remarks at a central bank meeting on the implementation of agendas laid out by a key Communist Party Congress in October.

Zhou also pledged to push financial reforms and innovations.

China must defuse "major risks" in the economy, and fight poverty and pollution, President Xi Jinping said at the October meeting.

Authorities have moved to rein in financial risk and prevent a destabilising build-up of debt in the world's second-largest economy.

(Reporting by Beijing monitoring desk and Kevin Yao; Editing by Kim Coghill and Clarence Fernandez)