From CNBC: 2024-11-05 20:28:01

Pan Gongsheng, governor of the People’s Bank of China, announced plans to maintain supportive monetary policy at the Lujiazui Forum in Shanghai. The central bank will increase counter-cyclical policies to address short-term economic developments, as discussed at the National People’s Congress Standing Committee meeting. Further fiscal stimulus is expected to be approved.

Finance Minister Lan Fo’an presented a plan to increase the local government debt limit to replace hidden debt. The People’s Bank of China began cutting interest rates in late September to boost slowing growth. The U.S. Federal Reserve also cut rates in mid-September and is anticipated to lower rates again at the upcoming meeting.

Read more: China’s central bank affirms supportive monetary policy stance