China Plans Rate and RRR Cuts in 2024, PBOC Confirms

China plans to cut interest rates and the reserve requirement ratio (RRR) next year to stimulate economic growth, according to Wang Xin from the People's Bank of China. The central bank aims to increase monetary and credit supply, with room to reduce the RRR from its current 6.6%. This move comes as China's credit expansion slowed in November, highlighting economic challenges. Additionally, China will adopt more proactive fiscal policies, including increasing the fiscal deficit and issuing more government bonds, to boost growth and consumption.