People’s Bank of China to pump $174b into economy to cushion impact of Novel coronavirus
The People’s Bank of China said it will pump nearly $174 billion into the economy to cushion the impact of the novel coronavirus outbreak. This is part of a slew of stimulus measures by Chinese regulators. To further ease market pains, the central bank has cut key interest rates by 2.4%. The goal is to lower the borrowing costs of the newly injected funds. Despite the contingency moves, Chinese regulators have sounded an optimistic note, saying they expect the economic impact of the virus to be short-lived.
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