China has ample policy tools to support the virus-hit economy, but it will tread warily in cutting the benchmark deposit rate due to elevated inflation and the potential impact on ordinary savers, Liu Guoqiang, a vice central bank governor, said on Friday.
FILE PHOTO: A woman wearing a face mask and pijama is seen at a residential area blocked by barriers in Wuhan, Hubei province, the epicentre of China's coronavirus disease outbreak, April 1, 2020. REUTERS/Aly Song
Liu said cutting the benchmark deposit rate to drive lending costs lower needed careful consideration given elevated consumer inflation, currently running at 5.3% annually in the January-February period, and resulting pressures on the yuan currency to depreciate further. The central bank has already rolled out a raft of measures, including cutting lending rates and banks’ reserve ratios, and doling out cheap loans for selected firms, to cushion the blow to the economy from the coronavirus outbreak.
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