03:15 GMT09 July 2020
Listen Live
    Asia & Pacific
    Get short URL
    0 61

    Since the outbreak of new coronavirus was registered in the Chinese city of Wuhan last December, fears have spread over its potential impact not only on China's economy but on the global economic situation as a whole.

    Chen Yulu, deputy governor of the People's Bank of China, said in an interview on Saturday that the novel coronavirus' impact on the country's economy will be "short-term and limited", CCTV reported, and that the Chinese financial system is extremely resilient to risks.

    He added that at present, China's macroeconomic control policy space and policy tools are sufficient and that the basic policy orientation of accommodative monetary policy will not change. 

    Speaking of the risks to the financial system, Chen stressed that although China's financial market has fluctuated, its overall operation has been stable, and financial institutions and financial infrastructure have been operating normally. He also pointed to the ongoing increase in the flexibility of the exchange rate in the foreign exchange market.

    An outbreak of pneumonia caused by a new strain of coronavirus later named COVID-19 originated in China's Hubei province last December, and has since spread to more than 25 countries, with over 2,300 fatalities so far.

    Wuhan, interview, monetary policy, finance, bank, disease, health, infection, virus, China
    Community standardsDiscussion