China's central bank vows stable policies

China's central bank on Friday vowed to maintain stable and consistent monetary policies with "in-advance tuning and fine-tuning properly and on a timely basis." The central bank will balance strategies to stabilize growth, restructure industries, boost reforms and guard against risks to build a stable financial environment and monetary conditions, according to a report posted on the website of the People's Bank of China, or the central bank. It will draw on a portfolio of monetary policy vehicles to add credit and social financing in a stable and proper way, said the report, which mainly dealt with implementation of monetary policies in the second quarter. For the property market, the People's Bank of China said it would fully carry out differentiated interest rates for lending to home-buyers and to check speculative activities. Its report vowed to further free interest rates and reform the formation mechanisms of yuan exchange rates. The central bank will channel more private capital into the financial sector to provide differentiated and efficient financial services for the real economy, it added. And efforts will include encouraging private capital to hold shares in financial institutions and participate in reconstructing such institutions, and allowing private capital to set up private banks and other financial enterprises, the report said.