Apparently It Was Urgent: China Pulls The RRR Trigger

Apparently It Was Urgent: China Pulls The RRR Trigger

China pulled the trigger on an RRR cut Friday, just two days after the State Council tipped a dovish pivot. The PBoC slashed the reserve requirement by 50bps (figure below), a move Beijing said will free up 1 trillion yuan in long-term liquidity. It's effective from July 15. Analysts spent the 48 hours since the State Council's remarks speculating on how long the PBoC would wait. As it turns out, the answer was "not long." The PBoC described the decision as conducive to "supporting the deve
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