China's 50 basis point cut to the reserve requirement ratio (RRR) announced after market close today will meet liquidity needs for the upcoming Spring Festival. The fact that the People's Bank of China (PBOC) chose this tool, rather than normal...
Last month, the Chinese central bank cut the level of reserves banks must hold by 50 basis points for some lenders. Now, the People’s Bank of China is probably mulling an extension of the reserve-requirement cut to further spur economic growth.
Last night, Chinese PMI rose from 50.3 to 50.4, representing a smaller-than-expected rebound in the country's manufacturing sector.
Ting Lu, a China economist at Bank of America, writes:
We maintain the “mini-stimulus” view
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