Chinese Banks’ ‘Record’ Rate Cut Is Meaningless

It's hard to know whether, and to what extent, everyday market participants benefit from staying apprised of China's incremental efforts to piece together an equity market rally and/or an economic rebound. There's something new every other day. None of it works. Indeed, Beijing can't even reliably engineer one-day stock rallies anymore. On Tuesday, Chinese lenders delivered a "record" cut to the five-year LPR tenor. That's a mortgage-linked policy rate. In this case, "record" means 25bps. For