China’s central bank authorities announced rate cuts and aggressive deflationary measures on Sept. 24 amid a slowing economy. However, the stimulus plan has been criticized by some experts who say the latest measures are a short-term fix and fail to address the underlying issues affecting the economy.
People’s Bank of China (PBOC) Governor Pan Gongsheng said at a press conference that the bank is lowering the banks’ reserve requirement ratio (RRR) by 50 basis points, which will free up about 1 trillion yuan (about $142 billion) for new lending.
