China’s Financial Regulator: Economy still recovering, demand will be boosted
Li Yunze, Director of China’s National Administration of Financial Regulation, made some upbeat remarks on the Chinese economy this Thursday.
Key quotes
Economy is still recovering.
Demand will be boosted, expanded.
Will optimise private financing, strengthen financial services for private business.
The recent global banking crisis has had little impact on china but does offer a cautionary tale.
China has the conditions and confidence to prevent systemic financial risks.
These comments come after China’s biggest banks on Thursday lowered their interest rates on yuan deposits, action that could ease pressure on profit margins and make room for reduced lending costs.