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China’s central bank yesterday refrained from cutting interest rates and injecting liquidity into the economy, disappointing analysts who had expected more forceful action to cushion growth from worsening COVID-19 outbreaks.
Its focus is shifting to a possible reduction in the reserve requirement ratio (RRR) for banks, a move that would give lenders cheap funding to spur loans and growth in the economy. The Chinese State Council hinted strongly on Wednesday of a reduction in the RRR.
The People’s Bank of China (PBOC) yesterday kept the rate on its one-year policy loans at 2.85 percent. Only six of the 22 economists surveyed by