In a significant move to bolster its economy, China unveiled a comprehensive set of measures on 24 September 2024 aimed at boosting liquidity, stimulating consumer spending, and revitalising its struggling property sector.
Key initiatives included aggressive monetary easing, specifically cutting the policy rate by 20 basis points and the reserve requirement ratio by 50bps. Additionally, the People's Bank of China (PBOC) urged banks to lower mortgage rates by 50bps and reduce down payments for second homes from 25% to 15%. This coordinated and large-scale policy package marks a decisive shift from previous fragmented efforts, triggering a significant rally in Chinese stocks. AJ Bell's James Flintoft: Negativity on China has become excessive The Hang Seng index soared to its highest level in 2024 o...
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