China cuts bank reserve requirements, will boost property lending
Wednesday, 24 January 2024
China's central bank announced Wednesday that it will reduce the ratio of reserves that banks must retain as part of a series of measures to assist the weakening economy. The People's Bank of China's decision triggered a rise in share prices, with Hong Kong's benchmark rising 3.6%. Central bank governor Pan Gongsheng said the deposit reserve requirement would be cut by 0.5 percentage points as of February 5.
China's central bank announced Wednesday that it will reduce the ratio of reserves that banks must retain as part of a series of measures to assist the weakening economy. The People's Bank of China's decision triggered a rise in share prices, with Hong Kong's benchmark rising 3.6%. Central bank governor Pan Gongsheng said the deposit reserve requirement would be cut by 0.5 percentage points as of February 5.
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