China's Rush to Save the Economy and the Stock Market: TimelineBloomberg News
Five rate cuts since November show policy makers' resolve
Government intervention has failed to stem an equities rout
Here are the major policies taken by the Chinese government and the central bank to arrest a deepening economic slowdown and to stabilize stock prices.
* The PBOC cut benchmark lending and saving rates for the fifth time since November 2014 and lowered banks’ required reserve ratio by half a percentage point after the stock market recorded the steepest falls since 1996.
* PBOC conducts biggest open-market weekly liquidity additions since February
* China industrial production, investment and retail data trailed analysts’ estimates, adding downward pressure.
Aug. 11 2015
* PBOC devalues the yuan.
* China recapitalizes policy lenders to boost their lending capabilities.
* Second quarter GDP rises 7 percent from year earlier
* China creates what amounts to a state-run margin trader with $483 billion of firepower in an effort to end a stock-market rout.
* Authorities plan at least 1 trillion yuan ($156 billion) in bonds, and potentially a multiple of that, to fund construction projects.
* PBOC cuts interest rates, RRR for most banks.
* Stock market begins its plunge from peak as margin trades unwound
* China stock index hits highest level since 2008.
* Policy makers consider doubling size of local bond-swap program.
* PBOC cuts interest rates, raises deposit rate ceiling to 150 percent of the benchmark in a further liberalization move.
* PBOC recapitalizes policy banks to add stimulative punch
* PBOC cuts banks’ RRR by 1 percentage point to 18.5 percent
* Government says first quarter GDP growth slowed to 7 percent
* Premier Li lowers GDP target to about 7 percent
* PBOC cuts interest rates and raises the deposit rate ceiling to 130 percent of the benchmark.
* PBOC cuts banks’ RRR by half a percentage point to 19.5 percent.
* Factory gauge signals contraction for first time in more than two years
* China conducts reverse-repurchase agreements to inject money, the first time in a year.
* Data shows economy grew 7.4 percent in 2014, close to target
Nov. 21, 2014
* PBOC cuts interest rates for the first time since July 2012 -- with 0.4 percentage point cut in one-year lending rate and 0.25 percentage point cut in one-year deposit rate, kicking off its easing cycle.
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