BEIJING - China said on Friday that it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan in long-term liquidity to prop up a faltering economy hit by record Covid-19 cases.
“The reduction... will help banks follow through on a directive to defer loan repayments from firms struggling with widening lockdown restrictions,” Mr Mark Williams, chief Asia economist at Capital Economics, said in a note.
Chinese cities have imposed lockdowns and other curbs, dampening both the economic outlook and hopes that China would soon back away from its harsh, outlier stance on Covid-19. The government in recent months has also rolled out a flurry of policy measures to support growth, focusing on infrastructure spending and limited support for consumers, while loosening financing curbs to rescue the property sector.
Source: Financial Digest (financialdigest.net)
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