Mr. Pan Gongsheng was appointed Party Secretary of the People's Bank of China on July 1, 2023.
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BEIJING—China has pledged to cut the amount of liquidity banks need to hold in reserves early next month to shore up its struggling economy.
The People's Bank of China said it expects credit to expand rapidly in the first quarter. People's Bank of China Governor Pan Gongsheng told a press conference in Beijing on Wednesday that reserve requirement requirements for banks will be lowered by 50 basis points starting February 5, providing 1 trillion yuan of long-term capital.
The People's Bank of China said there was room for further monetary policy easing, adding that consumer prices were likely to recover slightly.
This comes as China announced on Monday,Strengthen the inherent stability of the market“In the midst of a crash in the domestic and overseas stock markets.
China's economy is fraught with financial risks, with some major real estate developers facing serious debt problems as the Chinese government seeks to deleverage its once bloated real estate sector.
This is a developing story. Check back for more updates.
