(Yicai Global) Aug. 3 -- The People’s Bank of China, the country’s central bank, has issued a series of bracing policies to help companies weather the Covid-19 pandemic since the start of this year. The PBOC will now make the implementation of these monetary and credit policies more targeted and effective, Yi Gang, its governor, said in a recent talk with company representatives.

The conference, held on July 31 in Beijing, invited city officials and entrepreneurs, who noted the support that the already-issued financial policies have offered and the difficulties of overcoming the coronavirus’ impact and maintaining ongoing operations, according to a PBOC press release today.

Financial agencies must innovate services to adapt to the new demands of company fundraising to ensure policies directly benefit economic entities and give financial aid to shore up companies and employment and help the growth of the real economy, Yi stressed.

The PBOC has resolutely strengthened countercyclical regulations for monetary policies, kept liquidity reasonable and sufficient, dropped interest rates and debuted many supporting tools, such as delayed repayment of principal and postponed payment of interest on micro, small and medium company loans and inclusive credit to back micro and small firms in stabilizing their operations while ensuring employment to enable the financial sector to benefit the real economy, Yi also noted.

Editor: Ben Armour