China unveils fresh stimulus to boost economy [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
China's economy, the world's second-largest, has yet to achieve a highly anticipated post-pandemic recovery as it is battered by a prolonged property sector debt crisis, continued deflationary pressure and high unemployment. The country's leadership has set a goal of five percent growth in 2024, an objective analysts say is optimistic given the headwinds the economy is facing. On Tuesday, central bank chief Pan Gongsheng told a news conference in Beijing that it would cut a slew of rates in a bid to boost growth. China will "reduce the reserve requirement ratio and the policy interest rate, and drive the market benchmark interest rate downward", Pan said. "The reserve requirement ratio will be cut by 0.5 percentage points in the near future," he said. The move will inject around a trillion yuan ($141.7 billion) in "long-term liquidity" into the financial market, he said. Beijing would "lower the interest rates of existing mortgage loans and unify the down payment ratios f
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