China's central bank has announced policy easing as it seeks to boost growth

Pan Gongsheng was appointed Party Secretary of the People's Bank of China on July 1, 2023.

Vcg | Visual China Group | Good pictures

BEIJING – China has pledged to reduce the amount of liquidity its banks must hold as reserves as early as next month in a bid to boost its struggling economy.

Reserve ratio requirements for banks will be cut by 50 basis points starting Feb. 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital, Pan Gongsheng, governor of the People's Bank of China, told a news conference in Beijing. Wednesday.

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