Will China’s New Stimulus Package Be Enough?

China has unveiled its largest set of economic stimulus measures since the pandemic in an attempt to kickstart growth in the world’s second largest economy. The People’s Bank of China (PBoC) announced today it had cut its benchmark interest rate by 50 basis points, as well as the amount banks must hold as cash reserves, known as  reserve requirement ratios (RRR) – by 20 basis points. Interest rates on existing mortgages will be reduced by 50 basis points on average, a move targeted to help homeowners. The PBoC also introduced…