dragon casino online China Cuts Interest Rates and Mortgage Down Payments
Updated:2024-09-25 16:35 Views:94China’s central bank announced a series of measures on Tuesday aimed at making it easier for households and companies to borrow money, in the boldest attempt by the Chinese authorities since the pandemic to revive economic growthdragon casino online, halt a housing market crash and stop a broad decline in prices.
The central bank, the People’s Bank of China, cut short-term interest rates and rates on existing mortgages, reduced minimum down payments for housing purchases, and freed the country’s state-controlled commercial banks to lend a larger proportion of their assets.
Pan Gongsheng, the governor of the central bank, said at a rare news conference that his agency was ready to free banks to lend even more money if needed.
Acting less than a week after the Federal Reserve cut short-term rates by half a percentage point, the Chinese central bank cut its benchmark seven-day interest rate to 1.5 percent, from 1.7 percent.
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SKIP ADVERTISEMENTIn addition, the People’s Bank of China told commercial banks they would be allowed to reduce, by half a percentage point, how much of their assets they hold in reserve. That move will free the banks to lend an additional $140 billion to companies and households.
The central bank also made it easier for banks to lend to companies to repurchase their shares, as well as to major shareholders to buy larger stakes in companies. Both moves typically bolster stock prices.
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