Chinese central bank unveils economic stimulus package
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On September 24, 2024, the People's Bank of China, led by Gov. Pan Gongsheng, announced a major economic stimulus package to boost growth. Key measures include a half-percentage point cut in the reserve requirement ratio (RRR) for banks to 6.5%, releasing approximately $141.8 billion in liquidity. The bank also reduced mortgage interest rates and the minimum down payment for second homes from 25% to 15%, benefiting around 50 million households and saving them $21.3 billion annually. Additionally, the PBOC will fully fund a $42.6 billion re-lending program for state-owned enterprises to purchase unsold homes. The stock market reacted positively, with the Hang Seng Index rising 4.1% and the Shanghai Composite up 4.2%. The yield on China's 10-year and 30-year government bonds fell to record lows of 2.041% and 2.168%, respectively.

#China #Economy #Stimulus #Pboc #Mortgage #InterestRates #StockMarket #RealEstate #PanGongsheng #FinancialPolicy

https://www.upi.com/Top_News/World-News/2024/09/24/unveils-economic-growth-measures/4081727167394/ 

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