Following a meeting with the People's Bank of China (PBOC), China Securities Regulatory Commission, National Financial Regulatory Authority, the Chinese central bank Governor Pan Gosheng announces interest rates cuts.
Key quotes
- The world is full of uncertainties.
- China financial system remains robust despite shocks.
- yuan rebounds against dollar after depreciation.
- Will cut policy rate by 10 bps.
- Will cut Reserve Requirement Ratio (RRR) by 50 bps.
- Seven-day Repo Rate (RR) to be cut to 1.4%, from 1.5%.
- Policy rate cut will lead to Loan Prime Rate (LPR) cut by 10 bps.
- RRR cut will release about CNY1 trillion in liquidity.
- Will set up 500bn Yuan in re-lending loans for elderly care and service consumption.
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