[size=36]Chinese central bank will direct interest rates downward to help the economy[/size]
Liu added in an interview with the Financial News that the central bank will pump more liquidity to banks by adjusting the criteria for lowering the target reserve rates.
China has cut several major interest rates in recent weeks, including the record lending rate, on Thursday, in an attempt to reduce financial pressure on companies whose activities are facing major disruptions due to the outbreak of the Corona virus.
Liu said record deposit rates will also be adjusted at an appropriate time.
He added that the impact of the Corona virus on the Chinese economy will be limited and that Beijing will strive to meet the various goals in the field of economy and social development this year. The newspaper quoted Liu as saying that the central bank is closely following consumer prices that may be negatively affected by the outbreak of the Corona virus.
Liu also said that the fundamentals of the Chinese economy are sound, adding that Beijing has large foreign currency reserves to support the yuan. Ended 29 / p