China take Major steps to support economy to counter influence of Coronavirus

Chinese policymakers have taken a series of measures to support the economy affected by the outbreak of the Coronavirus, which is expected to have a devastating impact on first-quarter growth, and the People's Bank of China is trying to restore investor confidence amid global market expectations about the potential harmful impact of the virus on global growth.

The People's Bank of China pumped 1.7 trillion yuan (242.74 billion dollars) through open market operations, and the central bank confirmed that it would use tools such as targeted cuts in reserve requirements, lending and re-discounting to support key sectors.

The People's Bank of China also asked banks to set interest rates on loans to selected companies at 3.15%, and the Chinese Ministry of Finance said that materials used directly to fight the virus would be exempt from import duties from January 1 to March 31.