{"id":1553,"date":"2024-09-24T22:35:45","date_gmt":"2024-09-24T14:35:45","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=1553"},"modified":"2024-09-24T22:35:45","modified_gmt":"2024-09-24T14:35:45","slug":"%e4%b8%ad%e5%9b%bd%e5%a4%ae%e8%a1%8c%e5%87%ba%e5%8f%b0%e7%b3%bb%e5%88%97%e6%94%af%e6%8c%81%e6%94%bf%e7%ad%96%e5%ba%94%e5%af%b9%e7%bb%8f%e6%b5%8e%e4%b8%8b%e6%bb%91%e5%8a%a0%e5%89%a7","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=1553","title":{"rendered":"\u4e2d\u56fd\u592e\u884c\u51fa\u53f0\u7cfb\u5217\u652f\u6301\u653f\u7b56\u5e94\u5bf9\u7ecf\u6d4e\u4e0b\u6ed1\u52a0\u5267"},"content":{"rendered":"

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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.nbcnews.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China central bank releases slate of support measures amid a deepening economic slump<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-24
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

BEIJING \u2014 China will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio or RRR, by 50 basis points,\u00a0People\u2019s Bank of China\u00a0Gov. Pan Gongsheng said during a news conference on Tuesday. Pan, who was speaking to reporters alongside two other financial regulator heads, did not indicate exactly when the central bank will ease the policy but said it would be in the near term. Depending on conditions, there may be another cut of 0.25 to 0.5 basis points by the end of the year, Pan added. He also said the PBOC would cut the 7-day repo rate by 0.2 percentage points. Lynn Song, chief economist for greater China ING, called the repo rate cut announcement \u201cthe most important\u201d move made during the news conference. \u201cMarkets had been leaning toward expecting multiple 10bp rate cuts, so a 20bp cut represents a slightly stronger than expected move,\u201d he said in a note on Tuesday. \u201cHowever, the net impact will depend on whether we see further cuts ahead or whether the PBOC falls into a wait-and-see mindset after today\u2019s policy package.\u201d The RRR cut was more a move to boost sentiment, since the challenge is not banks lacking the funds to lend, but limited demand for borrowing, Song added. Later in the news conference, Pan signaled that a 0.2-0.25% cut in the loan prime rate could follow, without specifying when or if he was referring to the one-year or five-year LPR. Last Friday, the PBOC kept its main benchmark lending rates unchanged at the monthly fixing. The LPR affects corporate and household loans, including mortgages. Pan also outlined plans to further\u00a0support the struggling property market, including extending measures for two years and cutting the interest rates on existing mortgages. The official policy announcements will be published on the central\u00a0bank\u2019s\u00a0website, Pan added, without specifying exactly when. China\u2019s\u00a010-year government bond\u00a0yield hit a record low of 2%\u00a0amid Pan\u2019s lengthy address. The rare high-level news conference was scheduled after the U.S.\u00a0Federal Reserve\u00a0cut interest rates last week. That kicked off an easing cycle that gave China\u2019s central bank further room to cut its rates and boost growth in the face of\u00a0deflationary pressure. \u201cWe feel today\u2019s measures are a step in the right direction, especially as multiple measures have been announced together, rather than spacing out individual piecemeal measures to a more limited effect,\u201d ING\u2019s Song said. \u201cWe continue to believe that there is still room for further easing in the months ahead as most global central banks are now on a rate-cut trajectory,\u201d he said. \u201cIf we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.\u201d Pan became PBOC governor in July 2023.\u00a0During his first news conference as central bank governor\u00a0in January, Pan said the PBOC would cut the reserve requirement ratio. Policy announcements are rarely made during such events, and are typically disseminated through online releases and state media. He then told reporters in March, alongside China\u2019s annual parliamentary meeting, that there was\u00a0room to cut the RRR further, meaning a reduction\u00a0had been widely expected for months. Unlike the Fed\u2019s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. China\u2019s government system also means that policy is set at a far higher level than that of the financial regulators who spoke Tuesday. During top-level meetings in July, there had been calls for efforts to reach full-year growth targets and to boost domestic demand. While the PBOC had kept the loan prime rate unchanged two days after the Fed\u2019s cut, it did move Monday to lower a short-term rate, which determines the supply of money. The PBOC\u00a0lowered the 14-day reverse repo rate\u00a0by 10 basis points to 1.85%, but did not reduce the 7-day reverse repo rate, which was\u00a0cut in July\u00a0to 1.7%. Pan has indicated he would like the\u00a07-day rate to become the main policy rate. Limited fiscal support China\u2019s economic growth has slowed, dragged down by the real estate slump and low consumer confidence. Economists have called for\u00a0more stimulus, especially on the fiscal front. \u201cWe are surprised by a lack of fiscal stimulus even though they seem very willing to deploy monetary policy stimulus now,\u201d Edmund Goh, head of China fixed income at abrdn, said in an email Tuesday. \u201cIt just seems like PBOC has a more accurate read on the situation of the economy but they are unable to convince the central government to implement a bigger fiscal deficit.\u201d An analysis by Goldman Sachs this month indicated that recent local government bond issuance was going more toward addressing budget shortfalls rather than supporting additional growth. The real estate slump has cut into land sales,\u00a0once a major source of local government revenue. Li Yunze, minister of the National Financial Regulatory Administration, said at Tuesday\u2019s news conference that the slowdown of property market sales has made it difficult for real estate companies to deliver houses on schedule. The administration, which expands upon the banking regulator\u2019s responsibilities, was created last year as part of Beijing\u2019s overhaul of its financial regulatory system. In January, China launched a whitelist for determining which real estate projects to support first. Li said that more than 5,700 such projects have been approved, with financing totaling 1.43 trillion yuan ($200 billion). That has allowed more than 4 million homes to be completed, he said. Still, the gap remains large. Nomura estimated late last year that about\u00a020 million houses in China\u00a0had been pre-sold but not completed and delivered to buyers.<\/pre>\n
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