Chinas central bank is injecting 500 billion yuan ($81 billion) into the countrys five major state-owned banks as it moves to counter a worse-than-expected slowdown in the worlds No. 2 economy, according to a senior Chinese banking executive. The size of the injection, which will be in the form of a three-month, low-interest-rate loan to the banks, is similar to a 0.5 percentage-point cut in the amount of reserves Chinas commercial banks set aside with the Peoples Bank of China. The move follows disappointing economic data that show Chinas economy is worsening rapidly despite targeted easing and other stimulus measures taken by Beijing early this year.
Posted on: Wed, 17 Sep 2014 01:06:33 +0000
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