PBOC Governor Pan announces LPR 10 bps cut, RRR 50 bps cut and 7-day RR cut to 1.4%
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.