China’s central bank says measures will lower borrowing costs and inject more liquidity into market.
China has announced a slew of stimulus measures to boost the economy amid signs that Beijing’s growth target for this year is slipping out of reach.
China’s central bank said on Tuesday that it would take steps to lower borrowing costs, inject more liquidity into the economy, and ease mortgage repayments for households.
Governor of the People’s Bank of China, Pan Gongsheng, told a news conference that the central bank would soon cut the amount of cash banks must hold as reserves – called the reserve requirement ratio (RRR) – by 0.5 percentage points.
Pan said the move would inject about 1 trillion yuan ($141.7bn) in “long-term liquidity” into the market.
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