China's central bank pledges targeted, effective monetary policy

BEIJING, Feb. 24 (Xinhua) -- China's central bank on Friday pledged to make the prudent monetary policy targeted and effective to provide sustainable support to the real economy.

In its fourth-quarter monetary policy report, the People's Bank of China (PBOC) said it will intensify efforts to expand domestic demand while ruling out the possibility of "flood irrigation."

The PBOC will guide financial instit