2/19, 2:40 PM (Source: TeleTrader)
more TeleTrader news

PBOC sees certain impact on economy from coronavirus

In its quarterly monetary policy statement on Wednesday, the People's Bank of China (PBOC) said it has focused its analysis on a coronavirus's impact on the economy adding that although it recognizes that coronavirus outbreak will have a certain impact on China's economy, it expects the size and duration will be limited.

The PBOC also said it will increase credit support for prevention and control of the new coronavirus outbreak and will support firms to resume operation and production. It will also 'comprehensively use multiple monetary tools,' in an effort to keep its currency yan 'basically stable'.

Even though China's economy still facing many challenges, "The fundamentals of China's economy have not changed," PBOC noted, adding that "it will fend off major financial risks."

Breaking the News / BJ