19th September 2014 - Chinese Central Bank News

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19th September 2014 - Chinese Central Bank News

Markets in Asia had a strong day on news that the central bank of China will be releasing 500bn Yuan ($81bn) to five of its largest state banks.

The Peoples Bank of China is using the move to stem the slowing economic growth after Augusts run of poor economic data. The five banks will each receive 100mn Yuan over a 3yr year period with predefined low interest rates.

Last month saw a significant drop in business confidence which was back up with a slowdown in Industrial Production and Direct Foreign Investment not seen for many years.

The five banks benefiting from the stimulus are: Industrial & Commercial Bank, China Construction Bank, Agricultural Bank, Bank of China and Bank of Communications.

The move is seen as a way for the Central Bank to avoid any possible further downturns by introducing the cash before any more bad data starts to hurt the markets. Chinese banks listed in Hong Kong immediately saw gains on the news and the market was almost 1% up towards the end of trading.

As the Chinese government looks to ways to keep close to their projected 7.5% growth for 2014 their stimulus packages have been very specific in their objectives. Huge infrastructure plans looking at connecting major cities via improvements in air, rail and road projects and a concerted effort to reduce the amount of bureaucracy involved in loan applications for both business and households have helped keep the economy in check and this announcement today could be the first of many new programs being implemented in the coming months.

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