China's lenders to allow higher bad loans for COVID-19-hit firms

The People’s Bank of China will support qualified firms in order to resume production.

The Chinese central bank has said that the country’s lenders will tolerate higher levels of bad loans to support coronavirus-hit firms, reports Reuters.

"We will support qualified firms so that they can resume work and production as soon as possible, helping maintain stable operations of the economy and minimising the outbreak's impact,"

People’s Bank of China (PBoC) deputy governor Fan Yifei told a press conference, adding that the country has a relatively low bad loan ratio.

China Banking and Insurance Regulatory Commission vice chairman Liang Tao affirmed that lending for key investments will be sped up.

Here’s more from Reuters.

Photo courtesy of Wikimedia Commons.

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