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China’s central bank has taken bold steps to bolster its slowing economy, cutting a key policy rate and lowering the reserve requirement ratio (RRR) for banks. These measures follow a week of mounting economic concerns and align with earlier promises from People’s Bank of China (PBOC) Governor Pan Gongsheng to provide stronger support for the struggling economy.
The PBOC announced a reduction in the RRR by 0.5 percentage points, bringing the average ratio to around 6.6%. This move is designed to free up more funds for banks to lend, encouraging growth in an economy facing declining momentum. However, financial institutions already operating at a 5% ratio are excluded from benefiting from this reduction, as the central bank clarified in a statement issued before the start of trading on Friday.
In addition to lowering the RRR, the PBOC also cut the interest rate on seven-day reverse repurchase agreements, the bank’s key policy rate, by 20 basis points, reducing it to 1.5%. This rate is critical as it helps determine the nation’s benchmark lending rates, influencing borrowing costs across the economy. The reduction is aimed at boosting liquidity and encouraging borrowing and investment.
The central bank also indicated that interest rates for other short-term instruments, including 14-day reverse repos and temporary repos, will continue to adjust in tandem with the changes to the seven-day reverse repo rate. This synchronized approach ensures that the liquidity injected into the financial system is sustained across various financial instruments.
This week’s policy measures are part of a broader stimulus blitz aimed at reviving China’s economy, which has struggled to meet growth targets. China’s top decision-making body held a key meeting on Thursday, where it pledged to roll out further fiscal and monetary support measures to ensure economic stability.
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