China's central bank follows ECB with stimulus package

China's central bank has followed the ECB's move to boost its economy, after revealing plans to inject a fresh round of capital into its banking system.

The People's Bank of China plans to inject 500 billion yuan (£50bn) into the country's largest banks in the latest move yet to halt China's economic slowdown. The move follows the ECB's latest move to loosen monetary policy and comes in stark contrast to the actions of the US Federal Reserve, which is continuing to wind down its bond buying programme. China's government is targetting 7.5% annual GDP growth this year, a level already reached in the second quarter year-on-year. However, that target has come under scrutiny following weak economic data from the region last week, includ...