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China Cuts RRR by 25bps, As Expected

PBOC
  • PBOC confirms they are to cut the reserve requirement ratio by 25bps, with the change effective from December 5th. The bank confirm they are step up the implementation of prudent monetary policy.
  • Not too outside of expectations here - speculation/expectations circulated this week surrounding a potential RRR cut after Wednesday's State Council meeting guided towards such a move.
  • USD/CNH inches very slightly higher on the headline, but stalls ahead of overnight highs at 7.1785. Again, the move was largely expected at some point Friday (as flagged earlier today).
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