PBOC: Adhering to prudent monetary policy in 2024

Pan Gongsheng, governor of the People's Bank of China, the central bank, said China will cut the reserve requirement ratio by 0.5 percentage point on Feb 5 to infuse liquidity of about 1 trillion yuan into the market.

The PBOC will also lower the interest rates for relending and rediscounting for loans in the agriculture sector and small enterprises to 1.75 percent from Thursday, down from 2 percent, Pan said at a news conference in Beijing.

In 2024, the PBOC will maintain a prudent monetary policy, effectively implement flexible and moderate measures, and continue to create a favorable monetary and financial environment for stable economic growth.