China central bank pledges looser policy and support for panda bonds

China's central bank pledged to adjust monetary policy tools in a timely manner, continue an appropriately loose policy and maintain ample liquidity, according to a work meeting readout. The PBOC said it will promote high-level opening of the financial market, support more overseas institutions issuing yuan-denominated panda bonds, help Shanghai expand cross-border finance and consolidate Hong Kong's offshore yuan role, and continue to finance debt risk resolution for local government financing vehicles. The meeting, led by governor Pan Gongsheng, followed a Politburo call to accelerate budgeted infrastructure spending after second-quarter growth slowed to 4.3 percent.

PBOC will keep policy loose and facilitate panda bond issuance