At a regular briefing with reporters on Friday, representatives of the People's Bank of China indicated there was little need for more emergency measures that had been rolled out as Covid-19 hit business activity earlier this year.
after more than half of the country extended a Lunar New Year holiday shutdown by at least a week in February in an effort to limit the spread of Covid-19. The disease first emerged late last year in the Chinese city of Wuhan.
The central bank's statistics department head Ruan Jianhong said Friday that out of 10,000 enterprises surveyed nationwide, 90.7% of those in the services industry had reopened as of June 15. For those in industrial work, utilization of equipment was at least the same as the average level of the second quarter last year, Ruan said.
" recognize that appropriately lowering interest rates doesn't mean the lower, the better," Guo said. "If rates are far too low … that may cause a problem of capital flowing to where it shouldn't."While other major central banks in the world have cut rates to near zero, the PBoC has been relatively restrained. By early July, the difference between the U.S.
"A high level of vigilance is needed in the short term for large-scale capital flows," research director Wang Xin said at the same press briefing on Friday.Major central banks Europe and the U.S. have enacted very strong monetary policy, which may cause short-term capital flows around the world in a large scale," he said. "We have seen, some new economies have already been hit by the shock of short-term capital flows, and may even see financial risks.
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