Those hoping for a v-haped recovery in the global economy are going to be sorely disappointed. Via SCMP:
Surprisingly low new lending by Chinese banks in February suggested that fears about the economic impact of the coronavirus on an already weak economy had caused households and small and microenterprises to avoid new borrowing despite the strong efforts by the central bank.
China’s cabinet, the State Council, on Wednesday called for a further reduction in the reserve requirement ratio (RRR) – the amount of money banks are required to set aside at the central bank – to free up cash to lend to small firms, with analysts expecting the change to be implemented soon.
