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China’s central bank plans to step-up efforts in a bid to mitigate the impact of deadly coronavirus outbreak on the economy.

The disease, which originated from Hubei province, has already killed 638 people with fatalities jumping every day. As of 6 Feb 2020, the number of confirmed cases stood at 31,428.

The People’s Bank of China vice-governor Pan Gongsheng told in a news briefing that the outbreak may disrupt the domestic economy. However, the economy will rebound, once the epidemic subsides.

He added that the central bank is also devising policy measures to offset the impact.

Gongsheng was quoted by Reuters as saying: “In terms of monetary policy, the next step is to strengthen counter-cyclical adjustments, maintain reasonable and ample liquidity and provide a sound monetary and financial environment for the real economy.

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By GlobalData

“In the context of the epidemic and the downward pressure on the economy, it is more important to maintain economic growth.”

According to analysts, the epidemic may decelerate Chinese economic growth by up to 2 percentage points. In the last quarter, the country registered a 6% growth.

The central bank may utilise targeted reserve requirement cuts, relending and rediscount to support key sectors that are affected by coronavirus outbreak.

Earlier this week, the central bank announced plans to inject $173bn to ensure adequate liquidity in the banking system.