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Economy

26 Dec 2021

China’s PBOC Pledges Additional Monetary Assistance to Boost Real Economy

The Index Today

The People’s Bank of China on Saturday has unveiled plans to commit extra financial support in order to promote the country’s real economy.

In a statement the central bank said that it intends to adopt a more “proactive” approach of the monetary policy in an attempt to make it more seamless and progressive. Governor Yi Gang presided over the monetary committee’s meeting on Friday as they convened to discuss related plans. This comes as the central bank announced plans to revive and support China’s strained real estate sector in order to protect the interests of potential and existing property owners, and to effectively resolve the issue of rising housing demand.

Policy makers also echoed their earlier decision to ensure the moderate expansion of liquidity while also steadying credit growth.

This comes as the central bank directed banks in the beginning of December to reduce the standard interest rates by five basis points, after discharging $188 billion in funds by slashing the amount needed to be held in reserve.

©Photo: Bloomberg

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