China cuts banks' reserve ratio for first time in 2023 to aid recovery

China cuts banks' reserve ratio for first time in 2023 to support recovery

Chinese leaders have pledged to step up support for the world's second-largest economy, which is gradually rebounding from a pandemic-induced slump after coronavirus-related curbs were abruptly lifted in December.

"At present, risks in the overseas banking sector are increasing and global liquidity is under pressure, and the external environment is becoming increasingly complex," said Wen Bin, chief economist at China Minsheng Bank. It said the cut reflected its intention to "make a good combination of macro policies, improve the level of services for the real economy, and keep liquidity reasonably sufficient in the banking system."

"This will provide a bit of financial relief for China’s large and medium-sized banks," Julian Evans-Pritchard at Capital Economics said in a note.

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