PBOC: China still faces "relatively large" downward pressure

The Chinese central bank, PBOC, in its latest report published on Monday, suggests various efforts to stem growth in the ailing Chinese economy.

Key Quotes:

Hopes to keep economic growth within reasonable range

Expects mild acceleration in inflation

Will strictly control addition of industrial capacity

Will proactively deal with zombie firms

Will effectively fend odd systemic financial risks

Will continue to promote market-based interest rate mechanism

Will improve FX rate formation mechanism