BEIJING, Dec 6 — China’s central bank said today it would cut the amount of cash that banks must hold in reserve, its second such move this year, releasing 1.2 trillion yuan in long-term liquidity to bolster slowing economic growth.
Some analysts believe growth could slow further in the fourth quarter from the third quarter’s 4.9 per cent, although the full-year growth could still be around 8 per cent. The government has set a relatively modest annual economic growth target, at above 6 per cent, for this year, coming off the pandemic-stricken 2020.
The RRR for large banks, after taking into consideration the preferential policy of targeted cuts for inclusive financing, is currently at 10.5 per cent. The RRR cut will reduce the funding cost of financial institutions by about 15 billion yuan per year, which will help lower financing costs of firms, it added.Advisers to China’s government will recommend authorities set a 2022 economic growth target below the one for 2021, giving policymakers more room to push structural reforms.
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