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.
Similar Stories to China’s Bold Stimulus Measures Won’t Save Its Flagging Economy on Bing News
Charlie Campbell, Time: World
Wed, 09/25/2024 - 11:00pm
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