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Bloomberg
People’s Bank of China (PBOC) Governor Yi Gang urged banks to support smaller companies through innovations in financial services and products.
The current economic situation is “complex and severe,†Yi told a seminar in the eastern city of Hefei,
according to a statement posted on the central bank’s website.
The governor said banks should adapt financial services and products, increase investment in fintech research and technology and integrate on-site and online financial services.
China’s central bank has supplied liquidity to commercial lenders to help them manage upcoming government bond sales, while leaving the price of the money unchanged as the economy recovers.
The PBOC wants to control the nation’s rising leverage ratio. China’s top banking regulator Guo Shuqing warned about financial risks and rising debt in an article published over the weekend.