China's central bank will cut banks' reserve requirements by 50 basis points, its second reduction this year, to support sluggish economic growth.
The People's Bank of China building in Beijing, China , on Tuesday, April 18, 2023. China 's economy grew at the fastest pace in a year in the first quarter, putting Beijing on track to meet its growth goal for the year without adding major stimulus, while also helping to cushion the global economy against a downturn.
"The PBOC has adhered to a supportive monetary policy stance, increased the intensity of monetary policy regulation and control, and improved the precision of monetary policy regulation and control, so as to create a favourable monetary and financial environment for China's stable economic growth," its statement said.
Since then, however, indicators have shown China's economy is still struggling. It grew much slower than expected in the second quarter, weighed down by a protracted property crisis and consumers' worries about job security. August economic data broadly missed expectations, adding urgency for policymakers to roll out more support. PBOC's policy support announcement on Tuesday raised expectations among investors and economists that authorities would follow soon with a fiscal package to complement the monetary measures.
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