Central bank move designed to boost slowing economy
Beijing/Singapore — China’s central bank says it will cut reserve requirement ratios to release about 280-billion yuan for some small and medium-sized banks, in a targeted move to help companies struggling amid an economic slowdown.
“This is aimed at helping small- and medium-sized banks to better serve small and private enterprises, which will in turn support the overall economy,” the PBOC said. The central bank pumped out 3.35-trillion yuan in net liquidity through the five reserve cuts, according to calculations based on PBOC data and analyst estimates.
Just hours earlier, Trump issued a series tweets in which he complained that trade talks with China were proceeding “too slowly”, and that he would raise tariffs on $200bn of goods to 25% on Friday from 10%.
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