Tuesday, July 23, 2024

China's PBOC announces RRR cut as it seeks to boost growth

Pan Gongsheng was appointed Party Secretary of the People's Bank of China on July 1, 2023.

Vcg | Visual China Group | Good pictures

BEIJING – China has pledged to reduce the amount of liquidity its banks must hold as reserves as early as next month in a bid to boost its struggling economy.

Reserve ratio requirements for banks will be cut by 50 basis points starting Feb. 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital, Pan Gongsheng, governor of the People's Bank of China, told a news conference in Beijing. Wednesday.

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