Key Points
BEIJING: China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist...
The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the Peoples Bank of China said Friday..
The move came hours after authorities announced fresh stimulus for the beleaguered property sector and unveiled plans to expand tax breaks for child and parental care and education...
Authorities have so far resorted to a drip-feed of targeted measures, avoiding the big-bang stimulus approach they deployed during the 2008 global financial crisis amid concerns over elevated debt levels...
The move effectively boosts the amount of foreign currency available in the local market, making it relatively more appealing for traders to buy the yuan...
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