BEIJING: China’s central bank said Sunday it would pump 1.2 trillion yuan ($173 bln) into the economy as it ramps up support for a nationwide fight against a deadly virus that is expected to hit growth. It added that the overall liquidity of the banking system would be 900 billion yuan ($129 bln) more than in the same period last year. China’s central bank urged financial institutions to provide “sufficient credit resources” to hospitals and other medical organisations, among other measures. The move to inject liquidity into its financial system comes as the virus threatens to take a toll on an already slowing economy. Analysts are warning this could weaken further if the spread of the SARS-like virus goes on for an extended period.

Source: Pakistan Today February 02, 2020 08:15 UTC