China to push supportive monetary policy as risks ease: central bank chief
==========
People’s Bank of China (PBOC) governor Pan Gongsheng announced on August 25, 2024, that China will implement a supportive monetary policy to ensure economic recovery as financial risks ease. Local government financing platforms' debt has decreased, and the number of high-risk small and medium banks has nearly halved. New bank loans in July 2024 fell to a 15-year low of 260 billion yuan (US$36.5 billion), while M1 money supply dropped 6.6% year on year. GDP growth was 5.3% in Q1 and 4.7% in Q2 2024. The PBOC cut key rates on July 22, 2024, and aims to stabilize the yuan exchange rate amidst capital outflow risks. Analysts expect the government's growth target of around 5% for 2024 to be achievable with ongoing policy support, despite uncertainties in consumption recovery.
#China #Economy #MonetaryPolicy #Pboc #PanGongsheng #FinancialRisks #Gdp #Banking #LocalGovernmentDebt #CreditGrowth
https://www.scmp.com/economy/china-economy/article/3275813/china-push-supportive-monetary-policy-financial-risks-ease-central-bank-chief
South China Morning Post /
npub1x2…knuvq
2024-08-25 11:58:39
Author Public Key
npub1x2q0x7w5tqx0x3j9tdvkvqmetarpr8axhpjq7qw5xxrcysdwtrzssknuvqPublished at
2024-08-25 11:58:39Event JSON
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"content": "China to push supportive monetary policy as risks ease: central bank chief\n==========\n\nPeople’s Bank of China (PBOC) governor Pan Gongsheng announced on August 25, 2024, that China will implement a supportive monetary policy to ensure economic recovery as financial risks ease. Local government financing platforms' debt has decreased, and the number of high-risk small and medium banks has nearly halved. New bank loans in July 2024 fell to a 15-year low of 260 billion yuan (US$36.5 billion), while M1 money supply dropped 6.6% year on year. GDP growth was 5.3% in Q1 and 4.7% in Q2 2024. The PBOC cut key rates on July 22, 2024, and aims to stabilize the yuan exchange rate amidst capital outflow risks. Analysts expect the government's growth target of around 5% for 2024 to be achievable with ongoing policy support, despite uncertainties in consumption recovery.\n\n#China #Economy #MonetaryPolicy #Pboc #PanGongsheng #FinancialRisks #Gdp #Banking #LocalGovernmentDebt #CreditGrowth\n\nhttps://www.scmp.com/economy/china-economy/article/3275813/china-push-supportive-monetary-policy-financial-risks-ease-central-bank-chief",
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