|09-17-2014, 02:28 PM||#1|
PBOC supports five banks with 500 billion yuan
According to market reports, the People`s Bank of China is providing the nation`s five biggest lenders with 500 billion yuan ($81.4 billion) of liquidity, in an attempt to pump more monetary stimulus to the financial system and realize the targeted growth of 7.5%.
The Chinese central bank started yesterday to provide the five banks with 100 billion yuan each through lending facilities with tenor of three months and the process will be continued this week.
Furthermore, economists believe that such step is similar to cutting the banks` required reserve ration, which means monetary policy makers aim at increasing the amount of money available to lend, resulting in a pick up in credit growth. Hence, investments shall appear with cheerful figures in the second half of this year.
As for economic indicators, China reported the worst manufacturing output growth since 2009 in September, along with a drop in retail sales and investments. The nation`s imports also declined, while exports showed instability due to weak global demand.
Finally, it should be mentioned that the PBOC replaced monetary policy easing with other tools like re-lending and rediscounting after the economy grew 7.4% in the first quarter of this year. Currently, the bank is attempting to maintain a stable growth pace through enhancing credit growth and reducing the cost of loans.
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