China Ramps Up Campaign to Boost Fragile Economy, Currency
- PBOC trimmed foreign currency deposit reserves to boost yuan
- Government announced fresh relief for homeowners, parents
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China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist.
The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China said Friday. The move came hours after authorities announced fresh stimulus for the beleaguered property sector and unveiled plans to expand tax breaks for child and parental care and education.