BEIJING (Reuters) – China on Wednesday said it will cut the minimum downpayment level for first-time home buyers in many cities, stepping up support for the sluggish property market and stumbling economy.
It was the second measure in two days to fire up consumption following a government decision to halve the tax on the sale of small cars.
BEIJING (Reuters) – Profits earned by Chinese industrial companies declined at the sharpest rate in four years in August as costs kept rising and product prices kept falling, according to official data that adds to signs of weakness in the world’s second largest economy.
Also hurting firms was China’s stock market slump, which cut investment returns while fluctuations of the yuan CNY=CFXS increased companies’ financial expenditures, the National Bureau of Statistics (NBS) said on Monday.
BEIJING (Reuters) – China has a lot of room to maneuver its policy and boost its economy having avoided using strong, short-term stimulus in recent years, Premier Li Keqiang said on Sunday, in a rare suggestion that authorities can do much more to stoke growth.
Li, addressing a news conference at the end of China’s annual session of parliament, tried to allay fears about a stumbling economy by vowing to keep it growing at a reasonable speed, even as he acknowledged the job is not easy.
BEIJING (Reuters) – China cut interest rates unexpectedly on Friday, stepping up efforts to support the world’s second-biggest economy as it heads towards its slowest expansion in nearly a quarter of a century.
The cut, the first in over two years, came as factory growth has stalled and the property market, long a pillar of growth, has remained weak, dragging on broader activity and curbing demand for everything from furniture to cement and steel.
BEIJING/SHANGHAI (Reuters) – China’s central bank has provided emergency funding support to commercial banks and will add more cash on Tuesday, as authorities respond to a spike in cash rates ahead of a major holiday, the bank announced on Monday.
The move by the People’s Bank of China (PBOC) comes after the interest rate that banks charge each other for short-term loans spiked in recent days.
BEIJING/SHANGHAI, Jan 20 (Reuters) – China’s central bank
has provided emergency funding support to commercial banks and
will add more cash on Tuesday, as authorities respond to a spike
in cash rates ahead of a major holiday, the bank announced on
The move by the People’s Bank of China (PBOC) comes after
the interest rate that banks charge each other for short-term
loans spiked in recent days.
BEIJING (Reuters) – China’s ruling party pledged to let markets play a “decisive” role in allocating resources as it unveiled a reform agenda for the next decade on Tuesday, looking to overhaul the world’s second-largest economy to drive future growth.
China aims to achieve “decisive results” in its reform push by 2020, with economic changes a central focus of overall reforms, the ruling Communist Party said in a communiqué released by state media at the end of a four-day closed-door meeting of the party’s 205-member Central Committee.
BEIJING (Reuters) – China’s central bank removed controls on bank lending rates, effective Saturday, in a long-awaited move that signals the new leadership’s determination to carry out market-oriented reforms.
The move gives commercial banks the freedom to compete for borrowers, a reform the People’s Bank of China said on Friday will help lower financial costs for companies. Previously, the lending floor was 70 percent of the benchmark lending rate.
BEIJING (Reuters) – China’s central bank announced long-awaited interest rate reforms on Friday, removing controls on the rates banks may charge clients for loans, in a step towards more market-driven pricing of credit.
The People’s Bank of China (PBOC) said in a statement on its website that it was removing its floor on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers.
BEIJING (Reuters) – China’s biggest bank was uncertain of how to respond to turmoil in money markets last week because there was no clear direction from policymakers on what they wanted to achieve, according to its top executive.
Jiang Jianqing, Chairman of Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS: Quote, Profile, Research, Stock Buzz) (1398.HK: Quote, Profile, Research, Stock Buzz), stopped short of directly criticizing regulators for their handling of the stand-off over money market liquidity, which saw overnight borrowing rates soar and caused panic at some smaller banks.