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MNI BRIEF: PBOC Pledges Support To SMEs As Pandemic Cools Econ

MNI (Singapore)
BEIJING (MNI)

The People's Bank of China will increase support for the economy in the face of slower growth from pandemic conditions, especially small and medium enterprises in areas of the economy hit hard by current conditions.

The PBOC "will step up prudent monetary policy's support to the real economy, especially for industries and small business hit hard by the pandemic," according to a statement released on Tuesday. Recent financial market volatility is driven by investor expectations and sentiment, but China’s economic fundamentals are sound with great growth potential, the PBOC added.

The PBOC repeated it will keep liquidity ample amid current market conditions, which saw share markets drop sharply on Monday.

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