BEIJING — China's central bank on Friday cut the amount of
cash that banks must hold in reserve for the second time this year, a move that
will inject about 500 billion yuan ($70 billion) into the country's flagging
economy.
اضافة اعلان
The People's Bank of China (PBOC) said it would lower its
reserve requirement ratio by 0.25 percentage points from December 5, bringing
the weighted average ratio for financial institutions to around 7.8 percent.
The move will help to "stabilize the economy and
consolidate a foundation for... upward growth", the PBOC said.
It added that it would "support financing in key areas
and weak links, and promote the effective improvement of quality and reasonable
growth of the economy".
China's economy has struggled in recent months as
authorities have dug in their heels on a zero-Covid policy that has sparked
business shutdowns, roiled supply chains and hammered employment.
The ruling Communist Party announced the relaxation of some
measures this month, but officials in many areas have persisted with hardline
lockdowns, quarantines and testing mandates as national caseloads have hit
all-time highs.
The Chinese economy grew at an annualized rate of 3.9
percent in the third quarter, but analysts still expect the country to miss its
overall yearly growth target of around 5.5 percent by some distance.
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