Chinese central bank promises more support for stock markets after worst month in a decade

The People's Bank of China announced measures to support financial markets after October marked the worst month for Chinese stocks in over a decade. Governor Pan Gongsheng reported to the National People's Congress about implementing effective monetary policy tools to address financial risks in key sectors, including capital markets and the struggling real estate sector. The central bank received financing requests of approximately $30 billion to support stock buybacks and reduced interest rates on this mechanism to 1%. Additionally, the first asset swap operation of the year was conducted, involving $15 billion. Despite these efforts, analysts suggest that structural issues must be resolved for a sustained recovery in the markets, as the CSI 300 index has fallen 15% this year, while the S&P 500 has risen 10%.