Chinese markets have given a short-term welcome to an “unprecedented” toolbox promised by Beijing to stabilise capital markets and revive animal spirits, but the bigger concern is whether the measures will be enough to stimulate the faltering real economy.
The People’s Bank of China on Tuesday unveiled an Rmb800bn ($114bn) war chest to boost the stock market by lending to asset managers, insurers and brokers to buy equities, and to listed companies to buy back their stock.
This was the first time the PBoC had “innovated” and used these types of monetary policy tools to support capital markets, central bank governor Pan Gongsheng said at a briefing flanked by financial regulators.
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