China's central bank gives lenders cash boost to spur growth

China’s central bank cut the amount of cash banks must hold in reserve, stepping up its monetary policy action to cushion the economy from its worst Covid outbreak since early 2020.

The People’s Bank of China lowered the reserve requirement ratio for most banks by 25 basis points and for smaller banks by 50 basis points, according to a statement published Friday. 

 

The move was signalled by the State Council, China’s cabinet, at a meeting on Wednesday, and followed repeated warnings from top officials about risks to growth and the need for more monetary and fiscal stimulus. 

Stringent measures to contain the Covid outbreak have disrupted production, strained supply chains and curbed consumer spending, prompting several economists to downgrade their growth forecasts for the year to well below the government’s target of around 5.5 per cent. 

Govt bans livestreaming of unauthorised video games (Reuters)

China said on Friday the livestreaming of unauthorised video games was banned, signalling stricter enforcement of rules as part of its broad crackdown on the gaming industry aimed at purging content the government does not approve of.

The National Radio and Television Administration said platforms of all kinds must not livestream games that are not approved by related authorities. In particular, the livestreaming of overseas games or competitions should not be carried out without approval, it said. 

“For a period of time, issues such as chaotic online livestreaming and teenage addiction to games have raised widespread concerns in society and effective measures need to be taken urgently,” the regulator said in a notice.