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MNI BRIEF: PBOC To Maintain 'Prudent' Policy Course: Official

MNI (Singapore)
BEIJING (MNI)

The People's Bank of China will continue with its prudent monetary policy, stabilizing overall liquidity and market expectations, whilst targeting support efficiently to industries and areas in need, said Zhu Zhaowen, deputy director of the PBOC's Financial Market Department at a briefing on Friday.

The central bank will maintain significant financial support for private and small companies in the short term, further help individual business as well as urge commercial banks to improve financial service offerings for SMEs, said Zhu.

For individual businesses employing more than 200 million people across China, financial institutions should speed up the credit approval and lending process, especially for those in the wholesale, retail, accommodation, catering, and services industries, according to Zhu. By end-April, outstanding loans to enterprises, individual businesses and SMEs totaled CNY118.4 trillion, a rise of 13.6% y/y.

China Market NewsPolicy NewsPBOCAPACChinaBriefStoryRegionCentral Bank News
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China Market NewsPolicy NewsPBOCAPACChinaBriefStoryRegionCentral Bank News
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