PBOC Reiterates Monetary Policy Unchanged Despite Surprise RRR Cut

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PBOC Reiterates Monetary Policy Unchanged Despite Surprise RRR Cut

Bloomberg2021-07-13

(Bloomberg) -- The recent cut in the amount of money banks must keep in reserve doesn’t mean a change in the China’s monetary policy, the People’s Bank of China said. “The RRR cut is a standard ...

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火星投资狼
·2021-07-13
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That was a reiteration of what the bank said when it announced the reduction last Friday.\nMonetary policy will be kept flexible, targeted, reasonable and appropriate, Ruan Jianhong, head of the statistics and analysis department at the bank, said at the same briefing. The RRR cut will help lower aggregate financing costs, she said.\nThe PBOC announced Friday it would cut the reserve requirement ratio by 0.5 percentage point for most banks, the first reduction since the height of the pandemic last year. The move went further than many economists had expected and suggested growing concerns about the economy’s faltering recovery.\nPBOC Adviser Sees Stable China Liquidity After Reserve Ratio Cut\nThe cut will take effect Thursday and will release 1 trillion yuan ($155 billion) of long-term liquidity into the economy. It underscores the divergence between China’s macro policy and that of the U.S., where the Federal Reserve is accelerating its projection of stimulus tapering.\nThe move has stoked debate about whether a new policy easing cycle is beginning, even though most analysts think the likelihood of an interest rate cut this year is low.\nChina’s credit growth has basically matched the pace of nominal gross domestic product expansion in the first half of 2021 and will continue to do so for the rest of the year, Ruan said. 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