China’s central bank says economic growth to bounce back ‘rather swiftly’ – The National

China’s central bank says economic growth to bounce back ‘rather swiftly’ – The National

China's central bank says economic growth to bounce back 'rather swiftly'. Economic indicators will show significant improvement in the second quarter, says deputy governor of People's Bank of China. China's economy will swiftly return to its potential growth rate and there will be significant improvement in the coming three months, a senior central bank official said on Sunday.. "Economic indicators will likely show significant improvement in the second quarter and the Chinese economy will return to potential output level rather swiftly," said People's Bank of China deputy governor Chen Yulu.. China was hit hard in February by the virus and the measures taken to stop its spread, resulted in a historic slump seen across all economic indicators as quarantines and shutdowns stopped the movement of goods and people.. "Based on payments, deposits and loan data since March, China's real economy is improving somewhat due to earlier targeted monetary policies," Mr Chen said.. China's surveyed unemployment rate jumped in March to 6.2 per cent, indicating headwinds for local consumption ahead.. The Chinese currency will continue to stay at around 7 yuan per dollar with movement on either side of that level, according to Mr Chen.. While the impact of the virus