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China to Maintain ‘Normal’ Monetary Policy, PBOC Governor Says

October 10, 2020

China will maintain “normal” monetary policy for as long as possible, according to the People’s Bank of China Governor Yi Gang.

Policy makers plan to encourage a “reasonable” increase in household savings and incomes, Yi wrote in an article published Saturday in the central bank’s biweekly magazine China Finance. The country will also make sure its liquidity stays somewhat ample, and will facilitate reasonable growth of money supply and social financing, while avoiding excess liquidity flooding the economy in order to reduce fluctuations, he said.

Most of the world’s major economies have rolled out fiscal and monetary measures to counter the effects of the coronavirus pandemic. Yi cautioned that excessive stimulus could lead to debt expansion and create asset bubbles that will increase longer-term systemic risks.

The governor also said financial institutions and their shareholders, local governments and regulators should take prime

Governor Baker says lower-risk COVID-19 communities can move ahead to next step of reopening

September 29, 2020

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Gov. Charlie Baker’s office said Tuesday that starting Oct. 5, communities in the lower risk COVID-19 category can allow some performance venues to increase their capacity, along with gyms, museums, and libraries.

Lower risk communities on Oct. 5 will be permitted to open indoor performance venues with 50 percent capacity and a maximum of 250 people; increase the outdoor venue capacity to 50 percent with the same 250-person ceiling; open attractions such as trampolines, obstacle courses, roller rinks and laser tag at 50 percent capacity; and open fitting rooms in all types of retail stores, the statement said.

In addition, Baker’s office said, the lower risk communities will be able to increase capacity to 50 percent at museums, libraries and driving and flight schools.

“On May 18, the Baker-Polito Administration released a four-phased plan to reopen the economy based on sustained improvements in public health data,” the statement said. “Last

California governor seeks $200M more for homeless housing

September 28, 2020

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As Project Homekey funds begin to dry up, Gov. Gavin Newsom on Monday said he’s seeking an extra $200 million to help more cities and counties convert property into homeless housing.

If approved by the state’s Joint Legislative Budget Committee, the request would increase the innovative program’s buying power by a third. So far, Project Homekey has allocated $449.9 million of its $600 million budget, funding 3,351 new housing units. Newsom announced 19 new projects — including one in Alameda County — on Monday.

“Not only is Homekey unprecedented in providing capital to house people experiencing homelessness, but we are moving with unprecedented speed,” Newsom wrote in a news release. “Most of these projects will be ready to house people very soon after the acquisitions are complete, providing immediate help to our most vulnerable residents.”

Among the $137 million awarded in the third round of funding Monday, nearly $14.5 million

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