PBoC cuts rates and lowers reserve requirement ratios
China delivers major round of stimulus measures before opening trade talks with US
The People’s Bank of China has cut its main policy rate and lowered its reserve requirement ratios (RRRs) as part of a broader stimulus package just before the country begins trade negotiations with the US.
In a statement today (May 7), the PBoC said that, from tomorrow, it would reduce the seven-day repurchase rate by 10 basis points to 1.4%. It added in a separate statement that, from May 15, it would lower the RRR for banks by 50bp.
Following the policy announcement, Pan Gongsheng, the PBoC
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