China's bank injects $83 billion into the economy in order to salvage the current slowdown
- Asian Market
- 6 months ago
In an attempt to rescue the current weakening economy, China’s central bank has made an injection of $83 billion as policymakers pledge to increase stimulus throughout this year and to shield jobs as the country currently sees its lowest growth in 28 years.
However, several large infrastructure projects have failed to deliver so far, driving speculations that the economic cooldown is gathering a quicker pace than anticipated.
The worrying figures released earlier this week are increasing concerns that more policy measures are needed, although China’s state planner along with the finance ministry and central bank all attempted to reassure investors more needs to be done.
In a statement released following the announcement, the People’s Bank of China stated that, “The banking system’s overall liquidity is falling rapidly.”
Evidently, China needs some help…
Source: Smart Trend Team