September 24, 2024 at 02:32AM
People’s Bank of China Governor Pan Gongsheng:
must coordinate monetary and fiscal policies
must support steady recovery of prices in the economy
by year end we might cut RRR rate further
after RRR cut financial weighted ratio for large banks will be reduced to 8%
MLF will be lowered by 0.3%
LPR will be lowered by 0.2 to 0.25%
Earlier:
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%
Chinese stock markets have run higher on the promises of cuts to come.
China’s securities regulator CSRC says it will issue guidance for medium and long-term funds to enter the A-share market and to support mergers and acquisitions.
This article was written by Eamonn Sheridan at www.forexlive.com.