People's Bank of China Governor Pan Gongsheng:
- must coordinate monetary and fiscal policies
- must support steady recovery of prices in the economy
- by year end we might cut RRR rate further
- after RRR cut financial weighted ratio for large banks will be reduced to 8%
- MLF will be lowered by 0.3%
- LPR will be lowered by 0.2 to 0.25%
Earlier:
- PBOC and other senior economic officials press briefing underway
- People's Bank of China will soon cut reserve requirement ratio by 50bp
- People's Bank of China will soon cut 7-day reverse repo to 1.5% from 1.7%
Chinese stock markets have run higher on the promises of cuts to come.
China's securities regulator CSRC says it will issue guidance for medium and long-term funds to enter the A-share market and to support mergers and acquisitions.
