The People's Bank of China cut the main interest rate on lending in line with expectations, in an attempt by policymakers to move to reduce corporate finance costs and support the economy in light of the spread of the Corona virus.

The bank cut the main one-year loan rate by 10 points to 4.05% last month.

The bank also reduced the 5-year lending rate by five points to 4.75%.

The International Monetary Fund's director, Kristalina Georgieva, said that the outbreak of the Corona Virus in China is the most pressing uncertainty facing the global economy.

She added that the IMF expects the Chinese economy to recover soon if the turmoil caused by the outbreak of corona ends quickly.

Georgieva urged G20 finance ministers and central bank officials to take measures to reduce other risks associated with trade, climate change and inequality.