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China’s central bank warned that Chinese economy is facing unprecedented challenges and vowed to step up counter-cyclical adjustments to support the economy, according to its first-quarter monetary policy implementation report.
“At present, challenges faced by China’s economic development are unprecedented, we must fully consider difficulties, risks and uncertainties,” it said in the reported released by the People's Bank of China on Sunday, adding that China’s long-term stable economic trend remains unchanged despite the coronavirus outbreak.
Notably, the phrase that "it will refrain from flood-like stimulus to support . . .
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