China still has ample room for monetary policy adjustment, a central bank adviser said on Monday.

Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing (Photo: Reuters)

China still has ample room for monetary policy adjustment, a central bank adviser said on Monday.

State-run Shanghai Securities News published the comments by Ma Jun hours after the China central bank unexpectedly lowered the interest rate on reverse repurchase agreements by 20 basis points to relieve pressure on the economy that has been hit hard by the coronavirus epidemic.

Ma said the reverse repo rate cut should help lower companies’ financing costs.

The timing of the move took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment, he added.

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