Chinese policymakers have implemented a raft of measures to support an economy j...
- Chinese policymakers have implemented a raft of measures to support an economy jolted by a coronavirus outbreak that is expected to have a devastating impact on first-quarter growth.
Below are some fiscal and monetary policies put in place by the government and the central bank since the outbreak:The one-year loan prime rate , the new benchmark lending gauge introduced in August, was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing.** The People’s Bank of China said on Feb. 17 it was lowering the rate on 200 billion yuan worth of one-year medium-term lending facility loans to financial institutions by 10 basis points to 3.15% from 3.
The government will also keep the minimum purchase price for rice stable this year, it said. It will accelerate hog production and increase state reserves of frozen pork, it added. ** China’s central bank unexpectedly cuts some key short-term money market interest rates, and analysts predict more are likely. A central bank adviser says the possibility of a cut in the country’s benchmark loan prime rate on Feb. 20 has significantly increased.
The PBOC has told banks to cap rates on loans for selected firms at 3.15%, 1 percentage point lower than the latest LPR. ** China’s finance ministry said on Feb. 9 that all levels of government had allocated a total of 71.85 billion yuan as of Saturday afternoon to fight the virus. ** China’s finance ministry said on Feb. 1 materials directly used for epidemic control will be exempt from import tariffs from Jan. 1 to March 31.
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