Bank staff members introduce financial products to Xu Xingzhou, a major lily planter, at a lily planting base in Xihou Village, Wangtai Town, Nanping, east China's Fujian Province, Feb. 9, 2023. [Photo/VCG]

China's prudent monetary policy has provided a favorable financial environment for high-quality development, Yi Gang, governor of the People's Bank of China (PBOC), said on March 3, 2023.

Noting that maintaining reasonable credit growth has played a vital role in stabilizing employment and ensuring people's livelihood, Yi told a press conference that the PBOC cut the reserve requirement ratio 14 times since 2018, releasing over 11 trillion yuan (1.59 trillion U.S. dollars) of long-term liquidity.