PBoC vows to provide more support for faltering economy
The central bank has not commented on a reported large-scale bail-out plan for developers
China’s central bank vowed to boost lending support for businesses and keep liquidity “reasonably ample”, signalling its resolve to keep policy accommodative.
The world second-largest economy grew 0.4% in the second quarter, narrowly escaping contraction. Manufacturing activity unexpectedly contracted in July. Chinese leaders reportedly told government officials that the goal of achieving 5.5% GDP growth this year is a guidance, rather than a hard target, according to Bloomberg.
The People’s
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