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.
Related Articles
Global Market Weekly Recap: November 18 – 22, 2024
Global markets rallied despite heightened Russia-Ukraine tensions, with gold and oil gaining...
FX Weekly Recap: November 18 – 22, 2024
Major currencies saw wild swings as Russia-Ukraine tensions escalated. Safe havens rallied...
Fed: U.S. government fiscal sustainability tops the list of financial system risks
The Fed's twice yearly Financial Stability Report highlights: U.S. government fiscal sustainability...
Forexlive Americas FX news wrap 22 Nov: US PMI data better than Europe. USD moves higher.
Major indices close higher for the trading week by the Russell 2000Baker...
Leave a comment