PBOC sets USD/ CNY mid-point today at 7.0510 (vs. estimate at 7.0495)
globalreutersSeptember 24, 20241 Mins read There have been stimulus announcements made:
- PBOC and other senior economic officials press briefing underway
- People’s Bank of China will soon cut reserve requirement ratio by 50bp
- People’s Bank of China will soon cut 7-day reverse repo to 1.5% from 1.7%
Multiple rate cuts said to be on the way, which is good news.
The attendees at the presser are all from the financial sector so I’m not expecting anything on efforts to boost domestic demand. I guess addressing property sector woes with rate cuts will be welcome, but China’s economic problems are, IMO, going to need more than monetary stimulus.
This article was written by Eamonn Sheridan at www.forexlive.com.
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