China's central bank highlights implementation of structural monetary policy tools

China's central bank said on Friday it will effectively implement various existing structural monetary policy tools, as part of its work to promote the development of new quality productive forces and meet reasonable consumption and financing needs.

Improved efforts will be made to develop technology finance, green finance, inclusive finance, pension finance and digital finance, and to strengthen support for major strategies, key areas and weak links, the People's Bank of China said in a statement released after the latest quarterly meeting of its monetary policy committee.

The meeting suggested efforts to strengthen monetary policy regulation and make it more far-sighted, targeted and effective, as well as efforts to cut the reserve requirement ratio and the interest rate at an appropriate time.

Work should be done to guide financial institutions to increase the supply of monetary credit, lower financing costs for both enterprises and residents, and enrich the country's monetary policy toolkit, the meeting said.

It also noted the importance of maintaining the stable operations of the capital market, improving financial services to support the private economy, and fine-tuning the fundamental institutions of real-estate finance.