China Cuts Bank Reserves to Boost Economy - AP News
Jan 24, 2024 14:03
China's central bank has cut reserve requirements for banks to inject $141 billion into the economy and support its slowing growth. The move prompted a surge in share prices.
Bangkok, Jan 24 (AP) China's central bank said Wednesday it will cut the ratio of reserves banks must hold to help boost the slowing economy.
The announcement by the People's Bank of China prompted a surge in share prices in Chinese markets, with Hong Kong's benchmark jumping 3.6%.
Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5% as of Feb. 5. Pan said that would inject about 1 trillion yuan ($141 billion) into the economy.
He told reporters in Beijing that the central bank also soon plans to issue a policy on lending to property developers to help support the industry. (AP)
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