People's Bank of China Gov. Pan Gongsheng also said the central bank would cut the 7-day repo rate by 0.2 percentage points.
China will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio, or RRR, People's Bank of China Gov. Pan Gongsheng said during a press conference on Tuesday.
Pan did not indicate exactly when the central bank would ease the policy but said it would be in the near term. Depending on conditions, there may be another cut of 0.25 to 0.5 basis points by the end of the year, Pan added.Pan Gongsheng, governor of the People's Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China.
Pan said the official policy announcements would be published on the central bank's website, but did not specify when.cut interest rates last week. That kicked off an easing cycle that gave China's central bank further room to cut its rates and boost growth in the face ofin January, Pan said the PBOC would cut the amount of cash banks need to have on hand, known as the reserve requirement ratio, or RRR.
China's government system also means that policy is set at a far higher level than that of the financial regulators speaking Tuesday. Such top-level meetings in July called for efforts to reach full-year growth targets and to boost domestic demand.While the PBOC kept the loan prime rate unchanged in the days since the Fed's cut, it has moved to lower a short-term rate, which determines the supply of money.
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