But on Thursday, the central bank fleshed out plans to encourage "the healthy and stable development of the capital market" by opening up a "swap facility" worth 500 billion yuan ($70.6 billion) that will allow firms to access cash to buy stocks. 'Fully confident'People's Bank of China (PBOC) chief Pan Gongsheng said at the time the plans would "significantly enhance" firms' ability to access funds to buy stocks. An analyst told Agence France-Presse (AFP) the central bank had been "doing much of the heavy lifting in the latest wave of stimulus." "The PBOC recognizes the urgency needed to address the economic issues in China," Heron Lim, an economist at Moody's Analytics, said. "What is required now is the action plan for fiscal support to come through."

Source: Manila Times October 10, 2024 16:21 UTC