PBOC: The fundamentals of China's economy have not changed
The Chinese central bank remarks in its quarterly monetary policy implementation report
- China's economy faces several challenges
- Coronavirus outbreak will have certain impact on the economy
- Will increase credit support to fight back against impact of coronavirus outbreak
- Will comprehensively use monetary policy tools, keep yuan basically stable
- Will support firms to resume operation and production
The PBOC is trying to keep the calm in the market, similar to what we have seen by Chinese leaders over the past few weeks. I wouldn't look too much into the remarks here, it is but a bit of rallying cry to lift the spirits amid the current situation.