Chinese central bank releases priorities for 2016

The People's Bank of China (PBOC), the country's central bank, on Sunday unveiled its prioritised tasks for 2016.

According to an official statement, the PBOC said monetary policy will help slash overcapacity, cut stockpiles, reduce leverage, lower costs of doing business and fix shortcomings, with a focus on reducing steel and coal overcapacity, the People's Daily reported.

The central bank will continue to provide differentiated housing loan policy to different regions based on their market conditions.

The monetary authority will work to widen bank loan collateral for rural residents and guide financial institutions to give more agriculture-related loans to boost rural development.

The PBOC will steadily open up China's bond market and push ahead with a pilot programme of securitising non-performing assets.

It will also roll out measures to facilitate accurate poverty relief and work to mitigate internet financing risks in 2016.