China central bank signals more policy measures to support virus-ravaged economy

China's central bank said on Sunday it will step up counter-cyclical adjustments to support the economy and make monetary policy more flexible to fend off financial risks.

"But at present, challenges faced by China's economic development are unprecedented, we must fully consider difficulties, risks and uncertainties," it said. China's economy contracted 6.8per cent in the first quarter from a year earlier, shrinking for the first time since at least 1992, as the coronavirus outbreak paralysed production and spending, raising pressure on authorities to do more to stop mounting job losses.

In August 2019, PBOC overhauled the benchmark lending rate mechanism by using the market-driven LPR to replace the previous benchmark bank lending rate. China will also develop its financial markets to fuel growth and economic restructuring, the central bank said.

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