China’s central bank injected $53bn into the banking system on Thursday, the latest sign that policymakers have eased up on a fierce deleveraging campaign that has caused turmoil among lenders in recent months.
President Xi Jinping told the politburo in April that “financial security” was a top policy priority for the year. That led the central bank to tighten liquidity, while the ambitious new banking regulator unleashed a “regulatory windstorm” that sent shockwaves through the banking system.
The storm appears to be passing, as the People’s Bank of China has become more generous with cash injections while the China Banking Regulatory Commission has delayed implementation of a significant new directive.
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