China's central bank out on the wires

Issuing guidance to support steady growth of industries the PBOC will:

  • step up disposal of bad assets
  • promote M&A
  • steadily resolve industrial over capacity and inventories
  • guide financial institutions to set reasonable level of interest rates
  • fend off financial risks
  • cut lending to zombie firms, companies that have incurred long-term losses
  • moderately cut down payments on new energy vehicle purchases
  • select qualified fin institutions to securitise non-performing assets
  • encourage domestic industrial firms to issue stocks, bonds, securitized asset products overseas

PBOC gov Zhou said at the week-end they would be more transparent and here's the opening salvo.

PBOC- More initiatives to aid liquidity