FILE PHOTO: Governor of People’s Bank of China (PBOC) Yi Gang attends a news conference on China’s economic development ahead of the 70th anniversary of its founding, in Beijing, China September 24, 2019. REUTERS/Florence Lo
May 26, 2020
BEIJING (Reuters) – China will strengthen its economic policy and counter-cyclical adjustments and continue to push to lower interest rates on loans, central bank Governor Yi Gang said.
Yi, in an interview published by the central bank on Tuesday, said China’s economic fundamentals are unchanged despite many uncertainties and reiterated that the central bank’s prudent monetary policy will be more flexible.
The economy shrank 6.8% in the first quarter, the first contraction in decades, hit by the outbreak of the new coronavirus, and analysts say it could take months for broader activity to return to pre-crisis levels.
(Reporting by Colin Qian and Se Young Lee; Editing by Kim Coghill)
