China: Central bank calls for global policy coordination amid coronavirus fallout

Officials from China's central bank called for improved global policy coordination among countries in managing the impact of coronavirus outbreak on the economy, as they spoke at a press conference in Beijing on Sunday. Chen Yulu, a deputy governor at the People's Bank of China (PBOC) stressed that the outbreak was spreading rapidly. «Countries need to strengthen international coordination in... Еще their macro policies such as public health policy, trade policy, fiscal and monetary policy,» he told the news conference. The resumption of work and production in the country was showing positive momentum, according to Li Chao, Vice Chairman of China Banking and Insurance Regulatory Commission. «Compared with the overseas market, financial market in China is generally stable. The stock market in China shows strong risk-resistance capacity. The volatility of the Chinese market is comparatively small and investors are more rational,» he stated. China's economy is expected to contract in the first quarter of the year, due to the measures put in place to contain the spread of coronavirus, after it originated in the Hubei province last December. However, the PBOC has unveiled a number of measures to support the economy in the aftermath of the outbreak, including cutting lending rates and banks' reserve ratios, as well as issuing cheap loans for selected firms.

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