The global financial crisis has not yet arrived

US, WASHINGTON (ORDO NEWS) — Despite the fall in the global financial market following the COVID-19 coronavirus pandemic, it is too early to talk about the onset of the global financial crisis.

This was announced on Sunday by Deputy Director of the People’s Bank of China (Central Bank) Chen Yulu.

He noted that the global financial crisis could cause a long panic collapse of the market, lead to bankruptcy of key financial institutions and cause serious damage to the real sector of the economy.

Many countries have already taken countermeasures against turbulence in the markets, and the effect of them will be visible in the future, Chen Yulu said at a press conference.

According to him, the COVID-19 pandemic and its impact on the global economy are a challenge to the entire international community. He called on all countries to strengthen cooperation to develop macro-political measures: health, trade, fiscal and financial.

The official said that although a final victory in China’s fight against COVID-19 has not yet been achieved, the country is doing everything possible to help the international community curb the pandemic.

The People’s Bank of China, in turn, intensified political coordination with international organizations and major central banks, and also informed the Central Bank of the Group of 20 countries and major international financial organizations about the impact and effectiveness of the response to the outbreak of COVID-19, Chen Yuilu said.

He assured that China supports international multilateral platforms and institutions, such as the Group of 20 and the IMF, which play a positive role in coordinating policies and responding to the COVID-19 pandemic in order to effectively curb the global spread of coronavirus and maintain the stability of the global economy and global financial markets.

Regarding the domestic market, Chen Yulu said that China’s financial market has withstood external shocks and remained highly stable, stressing that the Chinese government has ample room for maneuver in politics and tools to deal with this impact.

By participating in international macro-political coordination, China, as a global financial power, will work to maintain domestic market stability based on existing principles and a policy framework, thereby contributing to maintaining global financial stability, the official assured.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.

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