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MNI BRIEF: Space For RRR Cut - PBOC Deputy Governor

MNI (Beijing)

China’s central bank has sufficient policy space and a rich reserve of tools including room to cut the reserve requirement ratio, Xuan Changneng, deputy governor of the People’s Bank of China told reporters on Thursday.

The PBOC would have broader autonomy of interest rate operations when major economies adjust their monetary policy, Xuan added.

All parties are greatly concerned by the issue of idle funds circulating in the financial system, with the PBOC making efforts to improve fund utilisation, Xuan noted.

The PBOC will likely cut its policy rates and guide down the reference lending rate later this year as inflation remains soft and weighs on the economy's real funding cost, however, its refreshed remit from the central government to ensure banks' profits and prevent idle funds could limit the reduction's size. (See MNI PBOC WATCH: LPR Cut Likely Following Policy Rate Reduction)
MNI Beijing Bureau | lewis.porylo@marketnews.com
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Policy StoryEM BriefEM Central Bank NewsPeoples Bank of ChinaBriefStoryRegion
MNI Beijing Bureau | lewis.porylo@marketnews.com
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Policy StoryEM BriefEM Central Bank NewsPeoples Bank of ChinaBriefStoryRegion

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