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PBOC Confirms RRR Cut, Markets Subdued Following Holiday

LATAM
  • (MNI): PBOC confirms they are to cut the reserve requirement ratio by 25bps, with the change effective from December 5th. The bank confirm they are to 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.
    • With this easing step, analysts cited in Chinese media estimate a release of approx CNY500 billion in medium and long-term funds, which should send an easing signal and reduce capital costs and drive down banks' December quotations on the 5-year Loan Prime Rate they price mortgages on.
    • The rate cut prompted a minor move higher for USD/CNH, but price action was largely contained.
  • JPY is the poorest performer in G10 in early Friday trade, helping snap the losses posted in USD/JPY since the mid-week high at 142.24. For now, the pair oscillates just below Thursday’s best levels of 139.64.
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