BEIJING (Reuters) – China’s central bank will ratchet up support for the economy by improving its policy transmission mechanism, governor Yi Gang said in remarks published on Wednesday. Policymakers have pledged to step up support this year, following a raft of measures in 2018 including fast tracking infrastructure projects and cuts in banks’ reserve requirements and taxes, amid a trade dispute with the United States. Data later this month is expected to show China growth slowed to around 6.6 percent in 2018 from 6.9 percent the previous year. Analysts are forecasting a further loss of momentum in coming months before policy support measures begin to kick in. “The financial support for the real economy has not weakened as economic growth slows. Instead, the support has increased to reflect counter-cyclical adjustments,” the official Xinhua news agency quoted Yi as saying. The People’s Bank of China said on Friday it was cutting the amount of cash that banks have to hold as reserves for the fifth time in a year, freeing up $116 billion (£91.1 billion) for new lending as it tries to reduce the risk of a sharp economic slowdown. The first targeted medium-term lending facility (TMLF) operation will come into… Read full this story
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