China’s central bank has reduced the amount of reserves that banks must maintain in an attempt to boost the economy, which is struggling with the impact of Covid-19 lockdowns implemented by dozens of cities in recent weeks.
However, it chose not to cut a key interest rate; Chinese policymakers are concerned that easing too aggressively could exacerbate capital outflows as the US raises rates to combat inflation.
The limited stimulus effort comes days before the release of first-quarter output figures, which are expected to show the world’s second-largest economy is growing at a rate below Beijing’s target pace.
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