BEIJING — China's central bank on Nov 26 pledged to make its prudent monetary policy more targeted and flexible to adapt better to the needs of high-quality development and put more focus on the efficiency of financial services to support the real economy.

More efforts will go into improving the money supply regulation mechanism to maintain reasonable and sufficient liquidity, the People's Bank of China (PBOC) said in its third-quarter monetary policy report, ruling out the possibility of a "flood-like" stimulus.

The PBOC stressed efforts to enable structural policy tools, including re-lending and rediscount programs, to play a more effective role in stabilizing businesses and jobs.

China's financial institutions are projected to save enterprises 1.5 trillion yuan (about $228 billion) this year through measures to boost the real economy.

In the first ten months, financial institutions saved enterprises around 1.25 trillion yuan, according to the report.

The central bank also pledged efforts to innovate structural policy tools and deepen interest rate and exchange rate reforms.

It reiterated that the property sector will not be used as a means to short-term stimulus and vowed to maintain the continuity, consistency, and stability of property financial policies.

While the fundamentals for China's stable and sound high-quality development remain unchanged in the medium and long term, complexities in the international environment have brought increasing instabilities and uncertainties, the report noted.

China has logged its best quarterly economic performance of the year in the third quarter, with a year-on-year expansion of 0.7 percent in the first nine months, as the first major economy to return to growth following the economic fallout of COVID-19.