China reduced its policy rate and lowered the amount of cash lenders must keep in reserve, as Beijing ramps up efforts to help an economy caught in a second trade war with the US.
The People's Bank of China cut the seven-day reverse repurchase rate to 1.4% from 1.5%, according to Governor Pan Gongsheng. The central bank will also trim the reserve requirement ratio by half a percentage point, Pan said at a briefing on Wednesday, without saying when that would be effective.
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The offshore yuan trimmed advance to trade little changed at 7.2 per dollar, while the 10-year government bond yield edged lower.
Pan also announced:
The central bank will set up a 500 billion yuan relending tool for consumption, elderly care
It will also increase its technology relending fund by 300 billion yuan
Plans to increase its agriculture, small and medium enterprises relending fund
The decision demonstrates officials are acting with urgency to support the world's second-largest economy in the face of the US-China trade war. Expectations that Beijing would unleash more stimulus have risen after US President Donald Trump imposed of up to 145% tariffs on Chinese imports, a level economists say would decimate bilateral trade.
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