People’s Bank of China (PBoC):
- Calls for quick action from financial institutions to implement wide-ranging financial policies.
- Stresses the need to boost credit support for the economy and ensure proper money and credit growth.
- Emphasizes the importance of effective interest rate policies and adjusting housing loan rates.
Today, there were announcements of deposit rate cuts by Chinese banks:
Since then, more banks have implemented similar 25 basis point cuts.
PBoC, NFRA, and CSRC met with major financial institutions.