China has eased monetary policy in an effort to boost its slowing economy, barely 48 hours after the G20 warned of over-reliance on central banks to drive global growth.
The People’s Bank of China announced yesterday it would cut the share of customer deposits banks are required to hold in reserve, injecting a jolt of liquidity into its banking system. The reduction will unleash about Rmb690bn ($106bn) into the country’s financial system, according to Financial Times estimates based on central bank data.
But economists warned that the central bank’s decision to cut the required reserve ratio by 0.5 percentage points risked putting further downward pressure on the renminbi.
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