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He central bank of china yesterday announced new measures to boost the economy, such as a reduction in liquid tank that the banks they must maintain as a reserve and a cut in a key interest rate.
China “will reduce the mandatory minimum reserve ratio and the basic interest rate” for banks and “will cut the reference interest rate in the mercado“said its governor, Pan Gongsheng, at a press conference in Beijing.
“The reserve ratio requirement will be reduced by 0.5 percentage points soon to provide long-term liquidity to the market trillion yuan financial” (more than 140 billion dollars), Pan stated.
The authorities will also “reduce interest rates on loans existing mortgages y will unify the down payment ratio for mortgage loans,” he added.
This “will lead commercial banks to reduce interest rates on multiple mortgage loans existing ones to bring them closer to the interest rates of the new loans,” he said.
The world’s second largest economy is experiencing a slow recovery after having removed strict restrictions due to the coronavirus at the end of 2022. Covid-19 that hindered their activity.
The expected economic rebound was slowed by a prolonged crisis in the real estate sector, a weak domestic consumption and high unemployment, especially among young people.
In the world, central banks have cut rates in their latest decision, mostly to try to stop a recession, according to financial experts, the Federal Reserve The US cut 50 basis points last week and it is estimated that the Bank of Mexico make a cut of between 25 and 50 basis points this Thursday that will announce its economic policy decision, hours after the inflation level for the first half of September is reported.
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2024-09-29 04:00:30