China’s central bank will next month cut the amount of reserves banks must maintain, a move that is part of efforts to boost growth as investors sour on the outlook for the world’s second-largest economy.
The 0.5 percentage point cut to the People’s Bank of China’s reserve requirement ratio, announced by PBoC governor Pan Gongsheng on Wednesday, will inject Rmb1tn ($140bn) of liquidity into the financial system.
Pan pledged to support growth this year with “countercyclical” adjustments, telling a news conference in Beijing the central bank would “create a good monetary and financial environment for the economy”.
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