The Chinese Central Bank will soften monetary policy to attract funds to the markets
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China’s central bank, the People’s Bank of China, will ease liquidity reserve requirements for local commercial banks. About this at today’s press conference reported head of the bank Pan Gongsheng. The new measures will take effect on February 5, the reserve rate will be reduced by 50 basis points – this should free up about 1 trillion yuan ($140 billion) for local financial markets.
Reviewers believethat the Central Bank’s steps are aimed at stimulating the Chinese economy, which still cannot fully recover from the consequences of the COVID-19 pandemic. In 2023, the People’s Bank of China has already reduced the reserve rate for commercial banks twice. This year this is the first such measure. The Central Bank also noted that it has “sufficient space for new monetary easing measures.”
About China’s GDP – in the material “Kommersant” “China is no longer in a hurry”.
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