The news conference at the People's Bank of China switching over to the economy
- won't allow credit crunch or flood of credit
- must ensure m2, loans grow slightly faster than nominal GDP
- virus shock to China's economy is temporary
- China eco performance in March to be better than February
- virus effects haven't exceeded 2008 crisis yet
- can't say how large effect of virus will be on global economy
Also that the Bank has ample policy tools available.
Optimism from the PBOC, but is it misplaced? Export performance is going to hurt while other countries struggle to regain economic momentum.
more to come