February 1, 2020

China's financial authorities jointly announced a series of measures on Saturday to promote financial support for the prevention and control of the novel coronavirus outbreak, to guarantee daily necessities supply and help ensure stable growth of the real economy.

Chinese financial authorities will resort to various monetary policy mechanisms such as open market operation, standing loan, refinancing and rediscount, to inject sufficient liquidity into the domestic financial market, according to a statement jointly released by the People's Bank of China (PBC), the Ministry of Finance, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the State Administration of Foreign Exchange.

The PBC, China's central bank, will provide sufficient liquidity and maintain the stable operation of currency interest rates for the financial market when it opens on Monday through intensified countercyclical regulation, said Pan Gongsheng, deputy governor of the PBC.

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