Pan Gongsheng was named party secretary of the People’s Bank of China on July 1, 2023.
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BEIJING — China will cut reserve ratio requirements by 50 basis points from Feb. 5, while providing 1 trillion yuan in long-term capital in its latest attempt to boost growth in the world’s second largest economy.
People’s Bank of China Governor Pan Gongsheng announced the measures Wednesday at a press conference in Beijing.
This comes after China vowed Monday to “strengthen the market’s inherent stability” amid a rout in the country’s onshore and offshore stock markets.
The Chinese economy is fraught with financial risks, with some of its largest real estate developers facing serious debt problems as Beijing strives to deleverage its once-bloated real estate sector.
This is a developing story. Please check back for more updates.
