China's central bank will take further steps to support the virus-hit econo...
SHANGHAI/BEIJING - China’s central bank will take further steps to support the virus-hit economy, including releasing more liquidity and lowering funding costs for companies, a vice governor of the bank told state media.
“China’s monetary policy space is still very sufficient, and the toolbox is also sufficient. We are confident and able to offset the impact of the epidemic,” Liu told the newspaper. “In the near future, there will be dynamic adjustments in targeted RRR reductions for inclusive financing. More qualified banks are expected to enjoy preferential policy support, as more liquidity will be released into the banking system,” Liu said.
Analysts widely expect further monetary and fiscal support measures in coming weeks, while stressing the key near-term policy challenge will be finding ways to keep companies afloat until demand recovers. Chen Yulu, another vice central bank governor, said the country is fully confident it beat the epidemic, state media reported on Saturday.
Some forecasters also say there is a growing risk the economy could contract in the first quarter from the previous three months, as factories have been slower to resume production than expected due to shortages of staff and raw materials.
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