BloombergChina’s central bank and other regulators announced a slew of targeted measures aimed at helping companies, banks and individuals hurt by the coronavirus outbreak. The central bank is today to supply 1.2 trillion yuan (US$172.99 billion) to money markets, the People’s Bank of China (PBOC) said in a statement yesterday. Banks were told they should not withdraw loans from firms affected by the virus, especially from smaller ones. In Saturday’s 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 effect of the outbreak would be temporary, the Chinese economy would maintain good momentum, and financial regulators have “full confidence” they can keep the economy stable in the long term, the statement said.

Source: Taipei Times February 02, 2020 15:56 UTC