PBOC sets USD/ CNY mid-point today at 7.0510 (vs. estimate at 7.0495)

September 24, 2024
-FCHFX

September 24, 2024 at 02:20AM
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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