Chinese Central Bank boosts liquidity

The People's Bank of China announced that it will continue to implement an accommodative monetary policy in the second half of the year, while maintaining sufficient liquidity to support the slowing economic growth. The bank also reaffirmed its support for the issuance of "Panda" bonds by foreign institutions, the expansion of liquidity management tools, as well as backing local government debt and transitioning it to market-based models. These measures come in the context of China's economic growth slowing to 4.3% in the second quarter, the lowest rate in over three years, and below the government target of between 4.5% and 5%. Beijing is banking on strengthening the global role of the yuan through the issuance of "Panda" bonds, as part of its efforts to achieve economic stability and expand its financial influence.

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