China’s central bank and financial regulators have offered additional funds to banks, prodding them to help manufacturers and businesses pull through an economy that is being hobbled by the twin burdens of a trade war and the nation’s worst health crisis in nearly two decades.” The bank regulator will ensure that small and medium enterprises (SMEs) get access to the 537 billion yuan (US$77 billion) of credit lined up to help them pull through the business slump caused by the coronavirus outbreak, the China Banking & Insurance Regulatory Commission (CBIRC) said during a press conference in Beijing. […] “The People’s Bank of China’s monetary stance is unchanged, and it will maintain a prudent monetary policy,” Fan said. […] The People’s Bank of China injected 1.7 trillion yuan into the financial system early this month and is expected to continue liquidity support through open market operations. The Industrial and Commercial Bank of China (ICBC), the country’s biggest lender, said last Tuesday that it has issued 43 billion yuan of loans since January 24 to combat the outbreak and help companies resume production.
Click here to read the full article