China’s longer-term benchmark lending rate was lowered this month after the central bank held its policy rates steady, according to data released by the People’s Bank of China.
China confirmed its economy grew by 5.2 per cent in 2023, revealed that its population fell to 1.4097 billion, and resumed the release of youth-jobless data, with a twist.
China’s central bank announced on Wednesday it will cut the reserve requirement ratio for commercial banks by 50 basis points from February 5, but analysts are expecting more supportive measures.
China reports economic growth data for the fourth quarter and a slew of monthly figures on Wednesday, and investors have become used to being underwhelmed by activity as Beijing drip feeds its stimulus.
President Xi Jinping is facing pressure to take bolder steps to revive China s economy after a rate cut failed to impress investors. The country is experiencing weak consumer spending growth, sliding investment, rising unemployment, and deflation.