China's central bank announced Friday it was cutting the reserve requirements for banks, freeing up about $126 billion to boost lending and bolster the slowing economy.
State news agency Xinhua described the decision as"the latest effort to bolster the economy", while the PBoC said it had cut the requirement"to support the development of real economy". Ting Lu, chief China economist at Nomura investment bank, said in a note that an RRR cut is"a signal that Beijing is becoming increasingly worried about the worsening slowdown" and wants to stabilise growth.
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China injects US$126 billion into its slowing economyBEIJING (NYTIMES) - China's central bank moved on Friday (Sept 6) to give the country's slowing economy a jolt, saying it would essentially inject US$126 billion (S$174 billion) into the financial system as Beijing fights an escalating trade war with the United States and contends with a dangerous addiction to debt at home.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
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