Market Updates
China Provides Stimulus Measures to Stabilize Yuan and Economic Growth
Arjun Pandit
06 Sep, 2022
Mumbai
China announced a slew of stimulus measures to revive the flagging economic growth and arrest the falling yuan.
At a press conference on Monday, officials from ministries, People's Bank of China and National Development and Reform Commission highlighted details of the plan in the third quarter.
The one trillion yuan or $145 billion plan will focus on more infrastructure spending but will not provide mortgage relief to buyers of real estate projects that have been on hold for more than two years.
The People's Bank of China, after the press conference, lowered the foreign currency reserve ratio by 2 percentage points.
China's yuan closed down to a new two-year low of 6.955 against the U.S. dollar and the currency has fallen for the sixth month in a row.
Several regional and local banks are struggling with cash crunch as widespread mortgage boycotts in smaller cities are hampering banking activities.
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