China central bank moves to pump extra US$110bn into economy
The Chinese central bank announced that it would reduce the reserve requirement ratio by one percentage point for the fourth time this year, in hopes of freeing up a total incremental fund of 750 billion yuan (US$50.989 billion), The Paper reported.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the worst that could happen is the US imposing levies on all Chinese imports, but that would only hit 0.7 percentage points of China's growth.
The People's Bank of China announced earlier yesterday that it would lower the required reserve ratio by 1 percent for most banks on October 15, allowing lenders to pay off CNY450 million (USD65 million) in medium-term lending facilities due to mature that day and freeing up another CNY750 million in liquidity.
Monday was the first chance for mainland investors to react to the escalating trade tensions and a sell-off in Hong Kong markets last week after a week-long holiday on the mainland to celebrate National Day.
Pence intensified Washington's pressure campaign against Beijing on Thursday by accusing China of "malign" efforts to undermine US President Donald Trump ahead of November's congressional elections and reckless military actions in the South China Sea.
A prolonged trade war as the USA economy appears strong may lead to more investors pulling money out of China.
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Weakening exports were already a drag on growth in the first half of the year after giving an added boost to the economy last year, highlighting the need for sustained strength in domestic demand if significant new USA tariffs are imposed. Xie Yaxuan, chief economist at China Merchants Securities said in a note that the timing of the announcement was a deliberate move by Beijing "to offset the shock from declines in global stock and bond markets to the domestic economy".
The yuan has been on a downward trend for months, weakening around 9% since the start of April, according to data from the central bank. In June, the gap was more than 70 bps, and traders say any further narrowing could increase capital outflows from China. However, it has since stabilized with the PBoC increasing liquidity support and maintaining ample liquidity. However, some key activities have abated more steeply.
While non-performing loans saw a surge in the second quarters and defaults climbing, fixed-asset continues to grow at the slowest pace on record. The July nationwide jobless rate rose to 5.1 percent.
The Chinese banking regulator has requested banks to lower funding costs significantly and raise their lenience for non-performing ratios to small and micro firms.
China's politburo and state council have also replaced use of the term "deleveraging" with "structural deleveraging", a change that suggests less harsh curbs on debt.
Growth in China's new bank loans likely rebounded modestly in September after easing the two previous months, as the government sought to ensure sufficient liquidity while keeping debt risks in check, a Reuters poll showed on Friday.
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