وينتظر صناع السياسة النقدية في الصين تأثيرات خطوات التيسير السابقة على الاقتصاد الصيني، إذ يبدو أن تعافي الاقتصاد الصيني يسير على المسار الصحيح وكما خططت له الحكومة الصينية، بعد أن ضخت الصين أقل قدر من النقد متوسط الأجل في النظام المصرفي منذ نوفمبر/تشرين الثاني الماضي.
Bank of China offers 170 billion yuan
The People’s Bank of China has offered around 170 billion Chinese yuan, equivalent to 25 billion US dollars, in funds to banks through its medium-term lending facility. This has resulted in a net liquidity injection of 20 billion yuan in April, which is lower than the injection in November. The move suggests that the central bank is providing support following the easing measures implemented in March, as data from March indicated that the economic recovery was on track, particularly with credit expansion. April marks the fifth month in which the central bank has taken such actions. In March, the PBOC also lowered the required reserve ratio, which may have unleashed around 500 billion yuan in liquidity in the financial system. It is worth noting that the PBOC kept its interest rate unchanged at 2.75% in the eighth month, which was in line with the expectations of most analysts and economists.
Chinese banks cut interest rates
Some small Chinese banks lowered their interest rates in April as part of a plan to encourage more investment in the China, despite the People’s Bank of China keeping interest rates stable without any change. The 21st Century Business Herald reported that the self-discipline mechanism imposed by the People’s Bank of China for interest rates in the country is a regulatory mechanism overseen by the central bank, which has adjusted the method of evaluating banks this year in a move to urge lenders to lower deposit interest rates.
During the G20 meeting last week, the Governor of the People’s Bank of China, Yi Gang, stated that the Chinese economy has begun to recover, and the People’s Bank of China can achieve its targeted goal of 5%, especially with the improvement of the real estate market. The People’s Bank of China said in an earlier statement during the monetary policy meeting for the first quarter of this year that the Chinese economy is recovering. It added that the basis of the economic recovery that is spreading across the country is not strong and robust yet, but it will remain within reason for the time being.
The People’s Bank of China also deleted the phrase “counter-cyclical adjustment,” which some prominent economists considered to be a signal of narrowing opportunities for further monetary easing. Immediate tightening is unlikely.
