There is a press conference underway re support for the economy:
PBOC and other senior economic officials press briefing underway
PBOC Gov has announced the Bank will cut RRR and mortgage rates:
People’s Bank of China will soon cut reserve requirement ratio by 50bp
Also announcing now that the 7-day RR will be cut to 1.5%, from its current 1.7%.
also, down payments for second homes will be cut to 15% from 25%will create new tools to support stable development of stock market’
Pan Gongsheng, People’s Bank of China governor
This article was written by Eamonn Sheridan at www.forexlive.com.
