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Macroeconomics  |  August 21, 2012 17:01:00

China's central bank increased the liquidity of the banking system


The People's Bank of China has pumped into the banking system through reverse repurchase agreements total 220 billion yuan. The central bank announced that it released 150 billion yuan for the seven-day reverse repo operations with a yield of 3.4% and 70 billion yuan for the 14 - day reverse repo operations under 3.6%.

In June cut interest rates for the first time since late 2008 in an effort to boost economic growth. Reduced the one-year lending rate by a quarter percentage point to 6.31% and one-year deposit rate to 3.25%. Analysts say it is the beginning cycle of rate cuts, and this year will probably be even reduced to one.The reserve requirements of banks collided for the first time in November 2011 and again in February and May this year.

In the second quarter, China's economy slowed from 8.1% to 7.6% and was the weakest since 1Q 2009th Premier Wen Jiabao last week warned that the economy is under great pressure and problems may take time.



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