China's central bank is likely to pause to assess economic conditions befor...
BEIJING - China’s central bank is likely to pause to assess economic conditions before making any further moves to ease lenders’ reserve requirements, after better-than-expected growth data reduced the urgency for action, policy insiders said.
The People’s Bank of China is also worried that pumping too much cash into the economy could reignite bubbles over time, the policy insiders said, and wants to save some of its policy ammunition. Still, economists do not expect a sharp recovery in the world’s second-largest economy, as many private firms grapple with high funding costs, while external demand may weaken in the coming months as the world economy loses steam.
Central bank Governor Yi Gang said in March that there was still some room to cut RRRs, but less so than a few years ago. A Reuters poll, conducted before the first-quarter data release on April 17, showed economists expected the central bank to deliver three more RRR cuts of 50 basis points in each of the remaining three quarters of 2019.
First-quarter economic growth was backed by record new bank loans of 5.81 trillion yuan and local government special bond issuance of 717.2 billion yuan, which rocketed ninefold from a year earlier.
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