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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessGoldman Sachs Maintains China Easing Calls Post Credit Data
The US bank maintains RRR and policy rate cut (10bps) for the second half in light of the China credit data on Friday
- Goldman Sachs: " June money and credit data indicated credit demand remained weak. The recent policy communication suggests that the PBOC continues to focus on enhancing monetary policy transmission and downplay the importance of aggregate credit growth. Looking ahead, the growth of new CNY loans and M2 may gradually slow down further. We see some downside risks to our 2024 full-year TSF growth forecast (currently 9.0%). As highlighted by the Securities Times (证券时报, a state-owned newspaper supervised by the People's Daily), FX stability considerations amid elevated Fed/global interest rates and falling net interest margins among commercial banks continue to be solid constraints on sizeable policy rate cuts. We maintain our forecast for a 25bp RRR cut in Q3 to facilitate government bond issuance, and a 10bp policy rate cut in Q4 after the first Fed rate cut in September expected by our US Economics team."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.