People’s Bank of China will soon cut 7-day reverse repo to 1.5% from 1.7%

There is a press conference underway re support for the economy:

• PBOC and other senior economic officials press briefing underway

PBOC Gov has announced the Bank will cut RRR and mortgage rates:

• People’s Bank of China will soon cut reserve requirement ratio by 50bp

Also announcing now that the 7-day RR will be cut to 1.5%, from its current 1.7%.

• also, down payments for second homes will be cut to 15% from 25%
• will create new tools to support stable development of stock market’

Pan Gongsheng, People’s Bank of China governor

This article was written by Eamonn Sheridan at www.forexlive.com. Source