Chinese Central Bank Chief Calls for Monetary and Lending Policy to Become More Targeted

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Yi Gang, governor of the People’s Bank of China (PBOC), has flagged efforts to make China’s monetary and lending policy more “targeted” in character as part of efforts to boost financial inclusion in the wake of the COVID-19 pandemic.

Yi said that PBOC would “further raise the targeted nature and effectiveness of the execution of monetary and lending policy,” in order to deal with the “continued existence of problems in relation to micro and small-enterprise financing mooted by financial institutions and enterprise representatives.”

Yi made the remarks on 31 July at a meeting convened by PBOC’s Operations Management Office in Beijing.

Yi said that since the onset of the Novel Coronavirus pandemic PBOC had “resolutely expanded the vigour of counter-cynical adjustments to monetary policy, maintained rationally ample liquidity, guided declines in interest rates, and created multiple new direct-access policy tools including deferrals of principal and interest payments for micro, small and medium-sized enterprise loans and financial inclusion micro and small-enterprise credit-loan support plans.”

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