China’s central bank, as expected, cut the amount of reserves the nation’s banks must set aside — a move described as the bare minimum by one economist as Beijing attempts to support an economy undercut by COVID-19 lockdowns and a property downturn.
China’s central bank, as expected, cut the amount of reserves the nation’s banks must set aside on Friday — a move described as the bare minimum by one economist as Beijing attempts to support an economy undercut by COVID-19 lockdowns and a property downturn.
The PBOC made an additional 0.25 percentage point cut for some rural banks and locally operated city commercial banks in a move aimed at boosting the agricultural sector and small businesses. News reports said Chinese authorities are pressing commercial lenders to lower their deposit rates. “The central bank continues to argue that monetary transmission, not policy, is the main problem, and urged banks to cut deposit rates today, to aid the recovery,” Botham said.
The real problem for China is the weak economy, weighed by the nation’s zero-COVID policy, which recently resulted in a sweeping and controversial lockdown of Shanghai, the country’s largest city with more than 25 million residents, and the downturn in the property sector, Botham said.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Covid: PM and chancellor reject calls to quit and iPhone maker halts China operationsFive things you need to know about the coronavirus pandemic this Wednesday morning.
Les mer »
Breakingviews - Covid shuts down China, Baltic lessons for Germany: podcastAs Shanghai grapples with a coronavirus outbreak and almost one-third of the country’s population is under lockdown, Breakingviews columnists discuss the impact on China’s economy in this Viewsroom podcast. Plus, tiny Lithuania shows European countries how to give up Russian gas.
Les mer »
China reporter’s notebook: Stuck in time, as covid griefs repeatReporter's notebook: When I left China in February 2020, Wuhan had just gone into lockdown over a mysterious pneumonia. It was unprecedented: 11 million people were shut in their homes. I landed in Shanghai on March 22 and I found a country stuck in time.
Les mer »
Growing defiance of COVID curbs in China brings wave of arrestsSun Jian, a 37-year-old master's degree student in the Chinese city of Yantai, for months staged a solo campaign against his university's COVID-19 prevention measures, including blistering criticism on social media.
Les mer »
In Long Term, China Trade Challenge will “Eclipse” Today’s Russia Crisis, says U.S. Trade CzarRussia’s invasion of Ukraine has put added strain on the U.S.–China trade relationship, which Katherine Tai says cannot be ignored: 'We cannot take our eye off the ball.'
Les mer »