China's central bank should consider lowering its benchmark deposit rate to...
SHANGHAI/BEIJING - China’s central bank should consider lowering its benchmark deposit rate to enable banks to reduce lending rates and help small businesses weather the economic fallout from the fast-spreading coronavirus, a central bank advisor said.
“We should establish a loss-sharing mechanism for stakeholders to prevent excessive concentration of losses in small and medium-sized enterprises that could lead to serious unemployment and social instability,” Ma said. Banks should give help to relieve the debt burden on firms in specific industries hit by the fallout from the virus, and lower lending rates for them, Ma said.
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