The People's Bank of China 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 central bank will push down real lending rates, especially for small firms, by further improving the transmission mechanism of the loan prime rate - its new benchmark lending rate, Liu said.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.
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. Liu also said China's economic fundamentals were sound, adding it had ample foreign currency reserves to support its yuan currency.
Chen also said that the Chinese currency will not appreciate or depreciate by a big margin, and the country's financial system is highly resilient in the face of risks. "Very few dealerships opened in the first weeks of February and they have had very little customer traffic," it said.
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