China Cuts Key Rate, Frees Up Cash for Banks to Spur Growth

Bloomberg09-27

China cut the amount of cash banks must keep in reserve Friday, in a bid to free up money for financial institutions and bolster their efforts to boost the nation’s slowing economy.The People’s Bank ...

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Dr Rck
09-27
Dr Rck
Its ripple effect will be felt within this year enough to catapult growth for the world economy!

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That will allow banks to lend more and buy government bonds issued to fund infrastructure spending.</p><p style=\"text-align: start;\">The weighted average RRR will drop to around 6.6% after the cut, the PBOC said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Cuts Key Rate, Frees Up Cash for Banks to Spur Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Cuts Key Rate, Frees Up Cash for Banks to Spur Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-27 09:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2024-09-27/china-cuts-key-rate-frees-up-cash-for-banks-to-spur-growth><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>China cut the amount of cash banks must keep in reserve Friday, in a bid to free up money for financial institutions and bolster their efforts to boost the nation’s slowing economy.The People’s Bank ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2024-09-27/china-cuts-key-rate-frees-up-cash-for-banks-to-spur-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","KWEB":"中国海外互联网ETF-KraneShares","YINN":"三倍做多富时中国ETF-Direxion","09618":"京东集团-SW","09888":"百度集团-SW","09988":"阿里巴巴-W","HSTECH":"恒生科技指数","HSI":"恒生指数"},"source_url":"https://www.bloomberg.com/news/articles/2024-09-27/china-cuts-key-rate-frees-up-cash-for-banks-to-spur-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2470176790","content_text":"China cut the amount of cash banks must keep in reserve Friday, in a bid to free up money for financial institutions and bolster their efforts to boost the nation’s slowing economy.The People’s Bank of China’s 0.5 percentage point reduction to the reserve requirement ratio was announced earlier this week by central bank chief Pan Gongsheng, who didn’t provide a timeframe.The cut is intended at “strengthening monetary policy adjustment” to create a “good” environment for the steady growth of the Chinese economy, the PBOC said in a statement.The central bank also cut the seven-day reverse repo rate to 1.5% from 1.7% on Friday, authorities said in a separate statement, confirming the timing for another move already revealed by Pan.The cut in the RRR will free up about 1 trillion yuan in long-term liquidity for banks, Pan said previously. 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