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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 AccessMNI China Daily Summary: Monday, Aug 26
MNI: China CFETS Yuan Index Down 0.50% In Week of Aug 23
MNI POLICY: ECB prepares for rate cuts, tiering, fresh APP
By Luke Heighton
FRANKFURT (MNI) - The European Central Bank has begun work on assessing the
size and composition of fresh asset purchases, it announced Thursday, and will
also examine how to tier its deposit rate in a bid to combat persistent low
growth.
Key interest rates were left unchanged, but forward guidance was revised to
indicate that they will remain "at their present or lower levels at least
through the first half of 2020," the ECB said in a statement following July's
meeting of the decision-making body - opening the door for a possible rate cut
as early as September.
"The Governing Council has tasked the relevant Eurosystem Committees with
examining options," the statement continued, "including ways to reinforce its
forward guidance on policy rates, mitigating measures, such as the design of a
tiered system for reserve remuneration, and options for the size and composition
of potential new net asset purchases."
"The Governing Council also underlined the need for a highly accommodative
stance of monetary policy for a prolonged period of time, as inflation rates,
both realised and projected, have been persistently below levels that are in
line with its aim," the statement read.
"Accordingly, if the medium-term inflation outlook continues to fall short
of its aim, the Governing Council is determined to act, in line with its
commitment to symmetry in the inflation aim. It therefore stands ready to adjust
all of its instruments, as appropriate, to ensure that inflation moves towards
its aim in a sustained manner."
--MNI Frankfurt Bureau; +49-69-720-146; email: luke.heighton@marketnews.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: MT$$$$]
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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.