China's central bank says lenders to tolerate higher bad loans to support virus-hit firms

China's central bank says lenders to tolerate higher bad loans to support virus-hit firms

Investment Guru India

BEIJING- China's central bank said on Saturday that the country's lenders will tolerate higher levels of bad loans, part of efforts to support firms hit by the coronavirus epidemic.

"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 epidemic's impact," Fan Yifei, a vice governor at the People's Bank of China, told a news conference.

He added that the problem will be manageable as China has a relatively low bad loan ratio.

Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, told the same briefing that lending for key investment projects will be sped up.

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