China has announced a series of measures this week to try to revive its struggling economy.
China’s central bank announced on Friday that it will lower the reserve requirement level for banks. The goal is to boost the country’s weakened economy by creating an estimated USD 142.6 billion worth of liquidity in the financial markets.
The central bank’s announcement was preceded by the president Xi Jinping and a meeting of other top politicians on Thursday, when rulers acknowledged the world’s second-largest economy was facing new challenges.
On Friday, China also announced that it would lower the seven-day reverse repo rate from 1.7 percent to 1.5 percent.
China has announced a series of measures this week to try to revive its struggling economy. The country’s goal is still to achieve five percent growth this year.