SINGAPORE: Asian central banks moved aggressively on Saturday (March 14) to counter the market carnage Friday, pumping liquidity into the financial system and discussing emergency action to fight the global economy’s biggest threat since the financial crisis.
The People’s Bank of China injected US$79bil into the economy through a reduction in reserve ratios for banks.
"Asian central banks will have to be more aggressive in easing policy and cutting interest rates, ” said Chua Hak Bin, senior economist at Maybank Kim Eng Research Pte. in Singapore."Conventional monetary policy may not be effective under this crisis of confidence and fear.” The Bank of Japan also agreed to an emergency meeting with the finance ministry and regulators as officials try to calm markets with bond buying.
The Reserve Bank of India plans to add 250 billion rupees through short-term repurchase operations after announcing Thursday a US$2bil injection into the foreign-exchange market.
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