The People’s Bank of China began providing its five largest banks with RMB100 billion (US$16.27 billion) of liquidity each on Tuesday through standing three-month lending facilities, Bloomberg reported, citing news website Sina.com. The site cited banking analyst Qiu Guanhua at Guotai Junan Securities, and said the PBOC would complete the process today. The government appears determined to support the economy even if it means using broad-based stimulus that may exacerbate the country’s mounting debt. Premier Li Keqiang’s stated target of about 7.5% gross domestic product this year is currently threatened by a property slump.
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