Beijing to ramp up monetary stimulus

Guiding hand: Guards are seen outside the PBoC building in Beijing. The central bank this week asked banks to stabilise lending to developers, in a bid to boost the country’s ailing property sector. — Bloomberg

BEIJING: China signalled more monetary stimulus, including a likely cut to the reserve requirement ratio (RRR) for banks, as it ramps up support for an economy under strain from surging Covid cases and more lockdowns.

The State Council, China’s cabinet, said in a statement that monetary tools will be used “in a timely and appropriate manner” to maintain reasonably ample liquidity. It also called on “greater support” for bond financing for private firms, a policy mainly targeting cash-strapped property developers.