China pledges sufficient liquidity at local level

BEIJING, Feb 2 (KUNA) The Chinese central bank announced on Sunday it would inject yuan 1.2 trillion (USD 174 billion) into the local monetary market in a step aimed at preserving sufficient liquidity, amid coronavirus spread.

The central bank said in a statement that the overall liquidity in the banking system would be in the range of yuan 900 billion (USD 130 billion), higher than the liquidity posted in the corresponding period of the past year.

The bank pledged to use all monetary tools to ensure sufficient liquidity amid spread of the virus, where yuan 300 billion (USD 44 billion) would be offered to major national banks and local ones to beef up crediting particularly for processing industries, small and tiny establishments.

Meanwhile, the custom fees commission, affiliated to the government, said in a statement that no new tariffs would be imposed on American imports till March 31.

Source: Kuwait News Agency