Beijing steps up its economic recovery efforts amid reports of a fresh round of stimulus.
The People’s Bank of China’s one-year policy loan saw a net addition of US$39.6 billion into the financial system, the most since December 2020.
The People’s Bank of China added a net 289 billion yuan into the financial system via a one-year policy loan on Monday, the most since Dec 2020. It kept the interest rate unchanged at 2.5%, in line with expectations. Beijing as well as local governments are ramping up debt sales to finance stimulus spending, reinforcing the need for more liquidity in the financial system.
The move by PBOC comes as Beijing considers a new round of stimulus to help the economy meet the official annual growth target of around 5%.
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