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By Archie Zhang
BEIJING (MNI) - China's current account is likely to register a surplus as
the phase-one trade deal boosted trade and inflows foreign investment rose, Xuan
Changneng, the deputy administrator of State Administration of Foreign Exchange
(SAFE), said at a briefing on Saturday.
China will keep a basic balance in international payments despite the
coronavirus epidemic, the impact of which is short-term and limited, Xuan said.
Here are other major points from a joint press conference by several
- China won't see a large-scale inflation, even as interrupted businesses
affect supplies, according to Fan Yifei, a deputy governor of the People's Bank
of China. The prudent monetary policy hasn't been changed, added Fan.
- China is prepared to allow non-performing loans (NPLs) to increase as the
epidemic damages the economy, though the country has a bigger room to adjust NPL
ratio targets given overall NPL ratio is relatively low, Fan said.
- The China Banking and Insurance Regulatory Commission (CBIRC) will
encourage banks to boost lending and extend lower-cost credits to small
businesses, according to Vice Chairman Liang Tao. Loan assets and bond issuances
of policy financial institutions will rise as they step up credit supports to
important investment projects, he said.
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