China economy briefing with People’s Bank of China, China Securities Regulatory Commission, National Financial Regulatory Authority.
PBOC Governor Pan says world is full or uncertainties
- China financial system remains robust despite shocks
- yuan rebounds against dollar after depreciation
- will cut policy rate by 10bp
- will cut RRR by 50bp
- 7-day RR to be cut to 1.4%, from 1.5%
- policy rate cut will lead to Loan Prime Rate (LPR) cut by 10bp
- RRR cut will release about 1 trln yuan in liquidity
- will set up 500bn yuan in re-lending loans for elderly care and service consumption
On cuts, Pan has said this at previous media conferences, this time he gives numbers though
This article was written by Eamonn Sheridan at www.forexlive.com.