Breaking news from China 30 Sept
- cuts Reserve Requirement Ratio for some banks as of 2018
- cuts RRR for banks involved in lending to agriculture and small firms
- PBOC will maintain prudent, neutral mon pol
- will use multiple mon pol tools to keep liquidity basically stable
- will guide reasonable growth of lending and social financing
- will continue with interest rate, exchange rate reform
- will keep yuan basically stable
Same ol', same ol' in the rhetoric from the PBOC but the RRR cut is a new initiative (not for the first time this year) as China extends its reforms in an effort to generate/regenerate growth that has been missing lately.
I have to head out now. Football beckons, but I wish you all a good week-end and thanks again for all your brilliant support and input this week. I hope we've helped make/save you a few pips along the way.
Keep coming back and share with us as the fickle world of forex heads into another uncertain week.
" RRR? Ah, just keep handing me those bamboo shoots" " Got ya Chi-Chi"
