China's central bank urges local offices to ensure cash supplies
The People's Bank of China (PBOC),the central bank, on Thursday asked its local offices to ensure cash supplies amid persistent snow to meet demand for the Spring Festival, which falls on Feb. 7.
Snow has disrupted transportation, making it hard to deliver cash to the branches.
The central bank, in a circular, urged its local offices to help commercial banks in getting or storing cash.
The heavy snow that has fallen since mid-January, the worst in 50 years in much of China, has paralyzed transportation, frozen the power grid and caused serious economic losses.
It showed no signs of abating as forecasters warned of three more days of snow and sleet.