A stimulus ‘whatever-it-takes’ package offering more funding and interest rate cuts marks the latest attempt by China to restore confidence in the world’s second-largest economy📈

Chinese stocks and bonds rallied and Asian stocks hit 2.5 year highs when Governor Pan Gongsheng announced plans to lower borrowing costs and inject more funds into the economy, as well as to ease households’ mortgage repayment burden In the last week of September 2024

China plans to issue special sovereign bonds worth about 2 trillion yuan ($284 billion) in 2024 as part of a fresh package of fiscal stimulus measures. (In 2008, the country rolled out a 4 trillion yuan ($570 billion) fiscal package to minimize the impact of the global financial crisis)

The index has since rallied more than 18%, its biggest two-week gain in nearly 20 years🚀

The yuan currency also jumped to a 16-month high against the dollar

Experts are calling it the most significant PBoC (People’s Bank of China) stimulus package since the early days of the pandemic✨

Although much needs to be done to build up the not-so-great Chinese economy, measures are being taken which might translate well for the crypto landscape as well

Definitely a narrative to watch out for as the Chinese crypto investors make up almost 80% of the crypto landscape😯

Any positive actions in the future (like the rumored Legalising of crypto in China, further positive economic policies) could impact the crypto market immensely

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