Saturday, 22 Feb 2020 02:26 PM MYT
The People’s Bank of China will guide market interest rates lower, Liu Guoqiang, the bank official, told the Financial News in an interview. The virus and widespread transportation lockdowns put in place to contain it have caused significant disruptions to economic activity in China, with smaller, private firms such as restaurants particularly vulnerable because they have less cash on hand to tide themselves through until business recovers.
The central bank will push down lending rates, especially for smaller 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, and has urged banks to give cheap loans and payment relief to companies which have been hardest hit by the outbreak.
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. China’s economic growth may show a sharp slowdown in the first quarter, probably dipping to 3 per cent or even lower from 6 per cent in the previous quarter – which was the weakest pace in nearly 30 years, economists estimated.
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