PBoC continues moderate tightening

The People's Bank of China, the country's central bank, has re-affirmed its decision to tighten monetary policy "moderately" in order to control the growth of lending and investment and prevent the economy overheating.

The message came in a statement posted on the central bank's website on 3 July after the quarterly monetary policy meeting.

The statement also reiterated undertakings on the part of the central bank to continue to reform its exchange rate system and allow markets to determine th