SHANGHAI: China’s central bank will take further steps to support the virus-hit economy, including releasing more liquidity and lowering funding costs for companies, a vice governor of the bank told state media.
The PBOC also will release more liquidity to some banks due to annual changes in assessments of targeted reserve requirement ratio cuts, which will free up more funds to lend to smaller firms, Liu said. In January 2019, the central bank released about 250 billion yuan in additional cash to banks, due to changes in assessments for banks’ targeted RRR reductions announced in 2018.
Benchmark deposit rates will also be adjusted at an appropriate time, Liu said. Speculation had been growing that a cut was being considered, which would lower banks’ funding costs and give them more incentive to lower rates they charge for loans. “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.
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