China announced on Wednesday that it will loosen its monetary policy to spur lending and give the Chinese economy a boost, The New York Times reported. The decision marks a reversal of policy that has seen the country become more stringent with its finances, particularly in the last year.
On Monday, December 5, the People's Bank of China will lower the reserve requirement for commercial banks by half a percentage point, the first such reduction since 2008. The ratio of deposits that banks must retain in the central bank has risen steadily over the past three years, with five increases in 2011 alone.
- Places:
- China
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.