China’s central bank says economy faces risks from global pandemic, efforts against domestic resurgence

© Reuters. FILE PHOTO: Headquarters of the PBOC, the central bank, is pictured in Beijing © Reuters. FILE PHOTO: Headquarters of the PBOC, the central bank, is pictured in Beijing

SHANGHAI (Reuters) – China’s central bank said on Sunday that the country’s economic growth faces challenges from the global coronavirus pandemic, despite signs of improvement amid business re-openings.

The People’s Bank of China (PBOC) said in a statement it would continue to guide lending rates lower by exploiting the full potential of reforms, and would strengthen financial support to small- and medium-sized enterprises and private firms.

The PBOC made the statement after its monetary policy committee held a seasonal meeting on June 24, it said.

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