The People's Bank of China announced a reduction in the reserve requirement ratio as part of its efforts to boost growth

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

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

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

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