Banks were told they shouldn’t withdraw loans from firms affected by the virus, especially smaller ones. FMTNews China
Financial regulators have ‘full confidence’ they can keep the economy stable.
That announcement follows a joint statement with other ministries and financial regulators on Saturday, which promised to use open market operations, the standing lending facility and other tools to ensure interbank liquidity is sufficient to keep money market rates stable. In the Saturday statement, financial institutions were told to maintain the pace of overall credit expansion and continue to lower borrowing costs across China, especially to manufacturers, and to small and private firms.
The central bank will be less strict in its checks on banks’ required reserves at the end of January, and will facilitate companies’ use of foreign exchange to ensure that offshore borrowing isn’t impacted and goods needed to battle the virus can be imported without problems.Exchanges were asked to streamline corporate bond sales including by allowing financial institutions to submit materials online, in a bid to reduce the spread of the virus.
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