China's central bank said on Friday it was cutting the amount of cash that ...
BEIJING - China’s central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing 900 billion yuan in liquidity to shore up the flagging economy.
The PBOC has now slashed the ratio seven times since early 2018. The size of the latest move was at the upper end of market expectations, and the amount of funds released will be the largest so far in the current easing cycle. The latest move to spur bank lending followed a cabinet meeting on Sept. 4 that pledged to implement both broad and targeted cuts in the RRR “in a timely manner”.
The central bank is also widely expected to cut one or more of its key policy interest rates in mid-September — for the first time in four years — as it works to reduce corporate funding costs. Prior to the latest RRR cut, the central bank had pumped out 3.63 trillion yuan in net liquidity through reserve cuts since early 2018, according to Reuters calculations based on PBOC data and analyst estimates.
In the latest escalation in the protracted trade dispute, the United States began imposing 15% tariffs on a variety of Chinese goods on Sept. 1 - including footwear, smart watches and flat-panel televisions - and China began imposing new duties on U.S. crude.
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