From China so far today:
- Chinese state-linked developer Sino-Ocean has suspended payment on all its offshore debts
- PBOC sets USD/ CNY reference rate for today at 7.1786 (vs. estimate at 7.2849)
- People's Bank of China set MLF rate at 2.5% (expected 2.5%, prior 2.5%)
- China August new home prices -0.3% m/m (prior month -0.2%)
Buried in amongst that lot (the reference rate post) is the news of another rate cut from the Bank:
PBOC sets 14 day RR rate at 1.95% vs. 2.15% previously
- we haven't had a 14-dayer in many months
Still on the way from China is the economic data for August:
The PBoC cut its RRR yesterday, which may be a sign the data will not be as good,as expected:
Pan Gongsheng is People's Bank of China governor
