PBOC said the impact of the epidemic was greater than expected, and plan to increase policy support

The deputy governor of the People's Bank of China said that the impact of the new crown epidemic on China's economy is greater than expected, and the bank will provide more monetary policy support to promote growth and support the job market.

Pan Gongsheng, deputy governor of the People's Bank of China, said on Tuesday that the intensity of the epidemic's impact on China's economy and society is beyond expectations. Therefore, further policy support is needed to stabilize enterprises, secure employment, and stabilize economic growth.

The People's Bank of China said on Monday that it would purchase loans from local corporate banks and conduct interest rate swaps to encourage banks to increase loan placements and extend loan repayment terms for small and micro businesses that were severely affected by the new crown epidemic. This is an unconventional measure.