China's Cabinet: Pressure on China's economy increasing, will use monetary policy tools in a timely manner

According to Chinese state media, the Chinese Cabinet on Wednesday noted that pressures on the economy are increasing and, as a result, authorities will roll out policies to stabilise market expectations in a timely way. Moreover, the Chinese cabinet said that authorities will use various monetary policy tools in a timely and flexible way and will set up relending facilities for tech innovation and elderly care. 

The announcement from the Cabinet comes as authorities widen lockdown conditions in financial hub Shanghai after a fresh surge in Covid-19 infections there.