PBOC to cut RRR in coming days – Goldman Sachs PBOC CentralBanks InterestRate Growth Banks
"view this meeting as the response to increased growth downward pressures due to widened Covid curbs on the back of the rising local COVID case numbers."
"The discussion of banks cutting profits for the benefit of lowering funding cost of SMEs implies policymakers might consider interest rate cuts as well, though according to this statement, it might not be broad interest rate cuts but rather targeted interest rate reduction through implicit guidance on banks or lowering SME re-lending rates."
"Despite these supportive measures, we continue to forecast weak activity growth in the rest of the year and the first half of next year, based on our expectation that China would only begin to reopen in Q2 2023." If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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