2/15, 7:35 AM (Source: TeleTrader)
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PBOC to issue more bad loans over virus outbreak

Vice Governor of the People's Bank of China (PBOC) Fan Yifei (pictured) said on Saturday the country will tolerate more bad loans to help companies affected by the outbreak of CORVID-19.

Speaking at a press conference, Yifei retired the bank's plans to offer its assistance to firms so the production can continue as soon a possible. The aim of this move is to reduce the impact of the deadly virus on the country's economy and keep the operations running smoothly.

Meanwhile, China Banking and Insurance Regulatory Commission (CBIRC)'s Vice Chairman Liang Tao, speaking at the same conference, noted that loans for crucial investment projects will be expedited. Tao went on to say that the CBIRC already provided approximately $76.9 billion worth of credit since Friday to help companies to combat the financial effects of the disease.

Breaking the News / NL