The central bank of China reaffirms its supportive monetary policy stance during a closely monitored meeting.

• The People's Bank of China will continue with its supportive monetary policy, as announced by the head of China's central bank in a closely watched meeting on Tuesday, according to state media.
• The PBOC head announced plans to intensify counter-cyclical monetary policy, according to Chinese state media, as translated by CNBC.
• At the National People's Congress Standing Committee meeting this week, he presented a report on financial work.

The People's Bank of China's head announced in a closely watched meeting on Tuesday that the central bank would maintain supportive monetary policy, as reported by state media.

The PBOC Governor Pan Gongsheng stated that the central bank plans to intensify its counter-cyclical monetary policy, according to Chinese state media. These policies aim to address short-term economic fluctuations. Pan has employed similar language in recent months.

The National People's Congress Standing Committee is expected to approve further fiscal stimulus at this week's meeting, where he presented a report on financial work.

On Monday, Finance Minister Lan Fo'an spoke to the committee regarding a plan to increase the local government debt limit in order to replace concealed debt, as reported by state media. On Tuesday, Lan presented a report on managing state-owned assets, according to state media.

In late September, the PBOC reduced several of its interest rates in an attempt to boost slowing growth. This move was prompted by the US Federal Reserve's decision to shift into an easing cycle with a significant 50 basis-point cut in mid-September. The Fed is predicted to make another rate reduction during its upcoming two-day meeting, which will end on Thursday local time.