China's central bank made a 'timely' move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday.
Headquarters of the People's Bank of China , the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
The central bank on Friday reduced the amount of cash banks must hold as reserves for the first time this year to support a nascent recovery in the world's second-biggest economy. The cut in theThe Economic Daily said in a front-page article that the move by the People's Bank of China will ease tension after demand for funds had increased significantly amid the economic recovery. The early release of liquidity will also help prepare for the next stage of demand expansion, it said.
"With the domestic banking industry's debt repayment costs under pressure and the net interest margin continuing to narrow to historical lows, the central bank made a timely move to lower the reserve requirement ratio to release long-term liquidity to the financial system," it said.
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