China’s economy picks up in early sign of recovery

News Snapshot:

The latest data followed the People’s Bank of China announcement late on Thursday that it was cutting the amount of cash banks needed to have on reserve by 25 basis points. It was second such cut since March, and Goldman Sachs analysts estimated it would release 500 billion yuan ($106 billion) of liquidity in the interbank market. “With private sector credit demand still weak, this is a gesture rather than a meaningful support measure,” Capital Economics chief Asia economist Mark Williams said. “Substantial rate cuts or a sea change in economic sentiment would be needed for household or corporate borrowing...