MNI China Daily Summary: Wednesday, February 5

MNI: UK FINAL JAN SRVCS PMI 50.8 (FLASH: 51.2); DEC 51.1

MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6

MNI BRIEF: China Spring Festival Trips Up 5.9% Y/Y

MNI: PBOC Net Drains CNY716.5 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1693 Weds; -1.18% Y/Y

MNI: EUROZONE DEC PPI +0.4% M/M, +0% Y/Y

MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2

MNI: FRANCE FINAL JAN SRVCS PMI 48.2 (FLASH: 48.9); DEC 49.3

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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MNI BRIEF: PBOC To Cut RRR and Key Rates From Sept 27

MNI (BEIJING ) - The People’s Bank of China cut the reserve requirement ratio by 50bps and 7-day reverse repurchase operation rate by 20bps on Friday, according to a statement on its website.

The RRR reduction, which excludes banking institutions already implementing a 5% RRR, adjusts the weighted average RRR to 6.6%. 

The 7-day reverse repo rate is lowered to 1.5% from 1.7%, and remains the basis for establishing the 14-day reverse repo, temporary repo and reverse repo rates, the statement said.

The Bank stressed the easing moves were part of an accommodative stance and would strengthen policy efforts to support the economy. 

Governor Pan Gongsheng unveiled stimulus measures on Tuesday aimed at boosting the economy, real estate sector, as well as the equity market. (see:MNI:More RRR Cuts Would Pave Way For China Bond Sales-Advisors)

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