After months of business leaders and economists urging action, the People’s Bank of China (PBoC)—the central bank of the world’s second biggest economy—finally acquiesced, unleashing a triptych stimulus package aimed at spurring consumer spending to counter persistent deflation. Yet analysts doubt even this “policy bazooka” will have much of an effect. [time-brightcove not-tgx=”true”] On Tuesday, the PBoC unveiled a policy interest rate cut of 0.2 percentage points, combined with a lowering of banks’ reserve requirements and the cutting of existing mortgage interest rates, both by 0.5 percentage points.
China’s Bold Stimulus Measures Won’t Save Its Flagging Economy
Charlie Campbell, Time: World
Wed, 09/25/2024 - 11:00pm
Topics: people&rsquo china pboc)—the on tuesday i&rsquo lu xi chinese evs u.s canada china economics capital economics trivium china americans gdp true pboc&rsquo goldman sachs august december qu feng nanyang technological lu ldquo;if chinese communist party sept xinhua ldquo;the pboc the china in as china china&rsquo university singapore chinese ldquo;this evans-pritchard this mcmahon stimulus save economy real stock bank rate market estate year policy support it’s consumption percentage package step ages rose debt offer prices research wrote billion relief growth months requirements trillion reserve mortgage rmb rates unprecedented cut consumer bonds central that’s retirement previous returns firms sign confidence property purpose annual exports moves professor head greater spend government boost long important month time year-on-year means
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