The central bank of China stated on Sunday that the economic growth of the nation faces challenges from the global coronavirus or COVID-19 pandemic, despite signs of improvement amid business re-openings.

The People's Bank of China (PBOC) said in a statement it would continue to guide lending rates lower by exploiting the full potential of reforms and would strengthen financial support to small- and medium-sized enterprises and private firms.

China Faces Economic Challenges due to COVID-19

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The PBOC made the statement after its monetary policy committee held a seasonal meeting on June 24, it said.

The deadly virus outbreak has created a major stir around the world recent times infecting more than 10 million people globally and claiming the lives of nearly half a million people worldwide in more than 170 countries.

(With agency inputs)