LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Coronavirus update: China's central bank vows more steps to support national economy

Coronavirus update: China's central bank will take further steps to support the virus-hit economy, including releasing more liquidity.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Coronavirus update: China's central bank vows more steps to support national economy
Chinese central bank will push down real lending rates, especially for small firms, by further improving the transmission mechanism of the loan prime rate (LPR) - its new benchmark lending rate. Photo: Reuters
Written By: Reuters
Updated: Sat, Feb 22, 2020
11:55 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision
India to open up COVID-19 vaccines to over-18s from May 1 India to open up COVID-19 vaccines to over-18s from May 1
After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE
Delhi Lockdown – Get full details on how public transport will function during the curfew period Delhi Lockdown – Get full details on how public transport will function during the curfew period
Medical Oxygen Supply – Centre takes this step to meet demand as cases rise to over 2.6 lakhs Medical Oxygen Supply – Centre takes this step to meet demand as cases rise to over 2.6 lakhs

Coronavirus update: China's central bank will take further steps to support the virus-hit economy, including releasing more liquidity and lowering funding costs for firms, a vice governor of the bank told state media. The People`s Bank of China (PBOC) will guide market interest rates lower and keep liquidity appropriately ample to help companies affected by the coronavirus epidemic, Liu Guoqiang, the bank official, told the Financial News in an interview.

The PBOC will release more liquidity to banks by adjusting the criteria for targeted reserve requirement ratios (RRR) cuts, Liu said.

See Zee Business Live TV streaming below:

"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.

The central bank will push down real lending rates, especially for small firms, by further improving the transmission mechanism of the loan prime rate (LPR) - its new benchmark lending rate, Liu said.

Liu reiterated that the central bank will not resort to "flood-like" stimulus.

China has cut several of its key rates in recent weeks, including the benchmark lending rate on Thursday, in a bid to reduce financial strains on companies facing severe business disruptions due to the outbreak. Investors widely expect further monetary and fiscal support measures in coming weeks.

Benchmark deposit rates will also be adjusted at an appropriate time, Liu said.

Liu said that the epidemic`s impact on China`s economy would be limited, and that Beijing would strive to meet economic and social development targets this year.

Chen Yulu, another vice central bank governor, said that the coronavirus` impact on China`s economy will be short-term and limited, and that the country is fully confident it beat the epidemic, state media reported on Saturday.

"We believe that after this epidemic is over, pent-up demand for consumption and investment will be fully released, and China`s economy will rebound swiftly," Chen said.

China`s economic growth may show a sharp slowdown in the first quarter, probably dipping to 3% or even lower from 6% in the previous quarter - which was the weakest pace in nearly 30 years, economists estimated.

The central bank also is closely monitoring consumer prices, which could be disturbed by the virus epidemic, Liu said.

Seasonal factors and the virus` impact were behind the flat M1 money supply, or cash in circulation plus corporate demand deposits, in January from a year earlier, Liu said.

Liu also said China`s economic fundamentals were sound, adding it had ample foreign currency reserves to support its yuan currency.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
CoronavirusworldEconomy
RELATED NEWS
BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision
India to open up COVID-19 vaccines to over-18s from May 1 India to open up COVID-19 vaccines to over-18s from May 1
After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE
Delhi Lockdown – Get full details on how public transport will function during the curfew period Delhi Lockdown – Get full details on how public transport will function during the curfew period
Medical Oxygen Supply – Centre takes this step to meet demand as cases rise to over 2.6 lakhs Medical Oxygen Supply – Centre takes this step to meet demand as cases rise to over 2.6 lakhs

LATEST NEWS

Anil Singhvi’s Strategy April 20: Day support zone on Nifty is 14,175-14,250 & Bank Nifty is 30,725-30,800

ACC net profit up 74 pct YoY in Jan-March quarter at Rs 562 cr; Co maintains “cautious yet positive outlook”; See 7 takeaways from results

Petrol, Diesel Price Today – Rates unchanged on Monday in 4 metros; Get prices in Delhi, Noida, Ghaziabad, other metros

Covid-19 vaccine registration step-by-step guide: How those above 18 years can register themselves on CoWIN official website cowin.gov.in

ICSE ISC Board Exam CANCELLED 2021: Attention CISCE class 10 class 12 candidates! ICSE class 10 board exam CANCELLED, ISC class 12 board exam POSTPONED

PMKGP scheme: ALERT! COVID warriors' Insurance policy claims to be settled till April 24

NURECA Share Price hits 10% UPPER CIRCUIT: Know the reason WHY

Summer vacation in Delhi schools from today till THIS date

Stocks to buy with Anil Singhvi: Sandeep Jain recommends Kopran Limited today - Big Money Tip

Apex Legends Mobile Beta update: Officially announced; check India availability, all details about the Apex Legends Mobile Launch NOW

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved