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PBOC Hints of Possible RRR Cut to Support Rural Areas

August 27, 2021 by Forex Winner Leave a Comment

PBOC Hints of Possible RRR Cut to Support Rural Areas

Source: Bloomberg

The People’s Bank of China indicated the possibility of using policy to strengthen rural development, driving market speculation of a reserve requirement ratio reduction as soon as Friday.

  • The PBOC said it will expand government financing guarantees and establish an information system that would assist in rural financing.
  • It will also maintain the stability of financial support to ensure regional gains, with a focus on grains and major farm products and new agricultural firms.
  • Economists believe there is a 70% chance that the reserve requirement would be cut in the next two months, with some predicting the reduction as soon as Friday.
  • Any cut in the reserve requirement would likely infuse less than 500 billion yuan into the financial system, with the requirement for small banks already low at 5.5%.
  • The PBOC statement came after a meeting with ministries of finance and agriculture to look into areas to support rural areas.
  • The Ministry of Finance also committed to boosting fiscal spending and speed up government bond sales to drive economic support in the second half. 

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