China will use timely cuts in banks' reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday quoted a cabinet meeting as saying.
Hurt by COVID-19 restrictions and a sharp property downturn, China's economy has been struggling to get back on its feet, even after a flurry of policy measures this year to spur domestic demand.
The People's Bank of China usually follows guidance from the cabinet, which oversees the world's second-largest economy and charts the fundamental course of China's policies. The central bank has cut the RRR 13 times since 2018, slashing the average reserve ratio to about 8% from 15%, pumping about 10.8 trillion yuan in liquidity into the economy, PBOC Governor Yi Gang said this week.unchanged for the third straight month, as a weaker yuan and persistent capital outflows continued to limit Beijing's ability to ease monetary conditions to support the economy.
The cabinet also called for speeding up investment and construction of major infrastructure projects, and called for stabilising and expanding consumption and vowed to support sound development of the platform economy, state media said.
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