China has stepped up efforts to shore up its sagging economy.
The People’s Bank of China injected CNY 560 billion in the system on Wednesday via reverse repo operations – the biggest on record.
The move comes a day after the central bank assured markets of providing “enough support” to the economy. The finance ministry is reportedly planning “large tax cuts” as well, although flood-like stimulus is being ruled out, given the cost of massive stimulus tends to exceed the benefits.
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