No Bazooka: China Underwhelms With Timid RRR Cut

China cut the reserve requirement ratio for all banks by 25bps on Friday, in a widely expected move. Some banks will enjoy a 50bps reduction. All told, the cut will release 530 billion yuan of liquidity, far short of the 1.2 trillion yuan an across-the-board 50bps move would've unleashed. The cut was well telegraphed even as telegraphed PBoC actions go. Officials have nodded at additional easing for months, and the State Council on Wednesday said an RRR cut would be delivered "at an appropriat