Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
Trading volumes this week are well below their recent averages and that means this comeback may be suspect.Marketsread more
Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.Banksread more
In a second-round of tweets aimed at the U.S. central bank, the president asked, "WHERE IS THE FEDERAL RESERVE?"Marketsread more
J.P. Morgan Chase customers will no longer be able to pay with their phones in stores beginning next year.Marketsread more
Gluskin Sheff's David Rosenberg predicts one of the strongest parts of the U.S. economy will disappoint Wall Street and lead to a market meltdown.Futures Nowread more
Target CEO Brian Cornell says he's encouraged by Trump's decision to postpone some consumer-oriented tariffs that were supposed to start Sept. 1.Retailread more
The measures aim to support the agricultural sector, boost investment in public facilities and improve environmental protection.
The People's Bank of China (PBOC) has given banks a larger re-lending quota at lower rates to support the farm sector. It granted a 20 billion yuan ($3.26 billion) re-lending quota to its local branches to guide rural financial institutions to step up lending support to the sector, it said on its website late Wednesday.
Re-lending is a monetary tool used by the central bank to increase financial institutions' liquidity and guide credit flows.
Other measures include a "push for ramping up investment in clean energy and public facilities such as hospitals, nursing homes and fitness centers, and a promise for delivering the target on social housing and more spending on environmental protection," Ting Lu and Sylvia Sheng, economists at BofA-ML wrote.
These steps will help China deliver the "around 7.5 percent" growth target, BofA-ML said, noting that it's comfortable maintaining its gross domestic product (GDP) growth forecast of 7.4 percent for the second half.
A slew of disappointing economic data – from manufacturing to credit growth – over the past month raised concerns that the world's second-largest economy may be headed into a renewed soft patch.
HSBC's preliminary reading of China's manufacturing purchasing managers' index (PMI) for August dipped to 50.3 from July's 18-month high of 51.7, missing forecasts for 51.5.
"We expect growth to be stabilized again in coming months as the government steps up its stimulus efforts," Lu and Sheng said.
Other economists disagree that the latest measures can be classified as "a mini-stimulus package."
"The measures announced are part of ongoing support for the economy and are not big enough to be a mini-stimulus package," said Dariusz Kowalczyk, senior economist and strategist at Credit Agricole.
"For starters, it's not the first time the PBOC is expanding its re-lending quota," he noted. In July, the PBOC arranged a 12 billion yuan re-lending quota to boost financial support for small businesses and rural areas.
"Also, the government talking about increasing social spending is nothing new," he said. "Calling this a round of stimulus mini is a bit of an overstatement."