China's central bank announced plans to cut reserve ratio requirements (RRR) and interest rates to stimulate the economy. The PBoC also outlined strategies to stabilize the yuan exchange rate, strengthen the FX market, and support the property market.
The People's Bank of China 's (PBoC) Monetary Policy Committee said on Friday that they will cut the reserve ratio requirements (RRR) and interest rates at proper time, per Reuters. The committee recommends strengthening the intensity of monetary policy adjustments. It will strengthen the implementation of interest rate policies to promote a steady decline in corporate financing and household credit costs.
The committee will maintain the Yuan exchange rate basically stable and enhance the resilience of the FX market, stabilize market expectations, and strengthen market management. It will enrich and improve the monetary policy toolkit, conduct buying and selling of treasury bonds, and monitor changes in long-term yields. The PBoC will promote stabilization and recovery of the property market and maintain ample liquidity and guide financial institutions to increase credit supply
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