China orders more lending to entrepreneurs amid trade spat
China orders more lending to entrepreneurs amid trade spat
Image Courtesy Reuters
10 October, 2018, 20:29
Amid signs higher U.S. interest rates and fears of a global trade war are having an impact on the world's second-largest economy, China's central bank hopes cutting the reserve requirement ratios (RRRs) by 1% from 15 October will lower financing costs and spur growth.
The reserve requirement cut, the fourth by the People's Bank of China (PBOC) this year, comes as Beijing has pledged to expedite plans to invest billions of dollars in infrastructure projects as the economy shows signs of cooling further, with investment growth slowing to a record low.
China's central bank will cut the reserve requirement ratios (RRR) by one per cent from October 15 which will inject a net Dollars 109.2 billion in cash into the banking system.
Washington and Beijing have imposed punitive tariffs of up to 25 percent on billions of dollars of each other's goods in an escalating fight over US complaints China steals or pressures companies to hand over technology.
RMB 450 billion of the cash released will be used to offset maturing medium-term lending facility loans.
In a speech, United States vice-president Mike Pence said on Thursday that China's onshore stock market fell by 25% in the first nine months of the year because Washington "has been standing strong against Beijing's trade practices".
U.S. Vice President, Mike Pence in his speech last week increased Washington's pressure crusade against Beijing on Thursday by hinting malign Chinese efforts to emasculate Donald Trump before congressional elections that are about to take place next month.
China's foreign-currency holdings fell in September, as heightened trade tensions with the USA fueled concerns of capital outflow and further yuan depreciation. Some market participants also said they were unwilling to hold large positions for their proprietary trade, amid global market uncertainty, during China's coming lengthy public holiday. Chinese dealers were playing catch-up with sharp losses last week, when Bloomberg reported that Beijing inserted microchips into equipment made in China for Amazon and Apple, and possibly for other companies and government agencies.
Hurricane Michael: Florida gas shortages reported
Farther inland, damaging winds, torrential rain and life-threatening flash floods are forecast for parts of Georgia and Alabama. Its strongest winds extended up to 45 miles from the center, and some parts of Florida were already feeling its impact.
Lenovo was 1.6 percent lower in Hong Kong on Monday, and ZTE fell 2.5 percent. It has even censored bad economic news.
The cut is equivalent to an injection of 750 billion yuan ($109 billion) in cash into the financial market.
China has struck back with its very own arrangement of taxes and has blamed the U.S. for propelling the biggest exchange war in monetary history.
The central bank is trying to make the yuan more market-oriented and flexible but has intervened when the currency threatened to slide too far.
"The RRR cut announced today sends a clear easing signal", Bank of America Merrill Lynch said in a research note.
With China's economy cooling and the full impact of US trade tariffs still to be felt, policy makers are shifting their priorities to reducing risks to growth, with the yuan and stock markets under pressure.
The move comes as officials have warned that trade frictions with the United States could shave as much as almost one percentage point from China's annual economic growth. However, some key activities have abated more steeply.
SPORTbible recently had the opportunity to speak with Hazard , who praised the influence of Chelsea teammate N'Golo Kanté. Hazard is constantly grouped in the same class of player as the likes of Cristiano Ronaldo and Lionel Messi.
Holt went 4-for-6 and finished off his cycle with a two-run homer off Yankees backup catcher Austin Romine in the ninth. For the second straight night, Yankees rookie manager Aaron Boone hesitated to remove his starting pitcher early.
The previous low had been held by the series pilot episode, which debuted to a 2.7 rating in 2010 and drew 5.3 million viewers. In comparison, the season 8 premiere drew a 5.0 rating and 11.4 million viewers a year ago .
The Google Plus security blunder could still give the US Congress a reason to enforce tighter laws surrounding data collection. As for Google+, the search giant won't miss it that much because the site never got off the ground with end users.
Mental health services are available for free on the NHS, while there are a number of helplines and charities that offer support. Mental Health Minister Roger Cook joined volunteers to distribute information packs at Elizabeth Quay Station this morning.
Players will be able to change their name once for free, however additional name changes after the first will cost a small fee. The standard price for a name change is going to be $9.99, and PlayStation Plus members will only need to pay $4.99.
The next major women's tournament is the Kremlin Cup in Moscow, an WTA Premier event due to take place between October 15 and 21. However, by winning the title, she will cut Simona Halep's lead at the top of the rankings to under 1000 points.
Khashoggi was once a Saudi newspaper editor and is a familiar face on political talk shows on Arab satellite television networks. However, the consulate has other entrances and exits as well, through which Saudi officials insist he left.
Additionally, several of gospel and R&B's heaviest hitters will assemble for what's sure to be a touching Aretha Franklin tribute. As of now, the show has yet to announce whether she won a 23rd in the favourite female artist - pop/rock category.
Google reveals Pixel 3, bigger Pixel 3 XL smartphone
The colors available could be the aforementioned white (Chalk) and gray (Charcoal), but there could also be a new Coral variant. The Pixel 2 XL was originally priced at Rs. 73,000 for the 64GB model, while its 128GB storage model came at Rs. 82,000.
Video shows suspects in Saudi writer's disappearance
He has been critical of some policies of the Saudi Crown Prince Mohammed bin Salman and Riyadh's intervention in the war in Yemen. He served as an adviser to top Saudi officials, but later fell out of favour with the government.
Hurricane Michael | Michael strengthens to Category 3 storm
Scott is ensuring that state and local government has ample time, resources and flexibility to get prepared for this storm. For storm information specific to your area, please monitor products issued by your national meteorological service.
Call of Duty: Black Ops 4 File Size Revealed
Then, if you want to play Blackout mode at the roughly 30% installation mark, select, "Update to Latest Version", when prompted. Treyarch thanked their optimization for the day one experience to allow a manageable download in todays AAA market.
Suspect held over murder of reporter in corruption story
The programme investigated alleged fraud involving European Union funds linked to big businessmen and politicians. The minister described the murder as "exceptionally brutal" and said Marinova was raped before she was killed.
SpaceX Falcon 9 Rocket Visible Across Mother Lode
The reusable booster assembly makes the use of rockets more affordable for a wide range of customers across the globe. LZ-4 is built on the former site of Space Launch Complex 4W, from which Titan rockets were previously launched.
Hurricane Michael gaining strength
The hurricane is expected to be the most powerful storm to strike the southern U.S. state's panhandle in at least a decade. The storm rotates due to the spin of the earth and energy from the warm ocean increases wind speeds as it builds.