PBOC's Research Head Xu: Previous policy change has weighed on China's economy

The People's Bank of China's Research Head Xu Zhong is on the wires now, via Reuters, expressing his thoughts on the bank and the economy.

Key Comments:

The previous policy change has weighed on China's economy.

Cannot mix up short-term macro policies with reform goals.

Downward pressure on China's economy has significantly increased.

Downward pressure on China's economy caused partly by previous policy adjustments.

Should strengthen policy coordination, avoid one-size fits all policies.