Here’s What You Need To Know About China’s RRR Cut

Ok, so in addition to GDP, the usual raft of accompanying econ and all manner of announcements on trade, China also acted on the monetary policy front on Tuesday, first overnight with an MLF hike and then, with an RRR cut. This hit at roughly 6:30 a.m., New York time: CHINA CUTS RRR FOR QUALIFIED BANKS BY 1 PERCENTAGE POINT So the MLF hike (367.5B yuan in 1-year ops conducted at 3.30% versus 3.25% previously), is just a follow up to the 7-day reverse repo hike that came hours after the March