China has cut the amount of cash most banks must hold in reserve, acting to counter the country’s economic slowdown in a move that puts the central bank on a different policy path than many of its peers.
The message from the Politburo meeting is more important than the cut, “as it indicates the government may loosen policies in the property sector”, according to Zhiwei Zhang, chief economist at Pinpoint Asset Management. “Prudent monetary policy direction has not changed,” it said, adding that the bank “will continue with a normal monetary policy, maintaining the stability, consistency and sustainability of policy, and won’t flood the economy with stimulus”.
The People’s Bank of China reduces the amount of cash most banks must hold in reserve, acting to counter an economic slowdown.
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