MNI POLICY: China MonPol To Be More Flexible, Targeted: PBOC

China's monetary policy should be more flexible and targeted in the second half of the year, People's Bank of China officials said during a video conference Monday, adding that measures taken to help businesses support employment should be implemented effectively.

The PBOC will use multiple monetary policy tools to boost broad money supply growth and the scale of social financing above last year's level, while promoting substantial growth in loans to small companies and manufacturers, a statement outlining the conference posted on its website said.

At the same time, the PBOC will focus on implementation of its CNY1 trillion relending and rediscount program, as well as allowing more small firms affected by the epidemic to delay the payment of loans that come due.

According to the statement, the central bank will also pushing the reduction of corporate financing costs, while support small and medium banks to boost their capital through bond sales

The Bank will continue to monitor financial markets, looking to underpin the the stable and orderly opening up of the financial industry including yuan internationalization and capital account convertibility, the statement added.