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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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PBOC May Lower RRRs: Brokerage
The market should have no fear of monetary tightening because the PBOC may need to lower banks' reserve ratios in September to counter the growing demand for liquidity, according to a research note from Guohai Securities. The central bank's daily OMOs may not be sufficient to satisfy liquidity needs given sales of local government bonds and national debt are forecast to surge in August and September, the brokerage said. In addition, the excess reserve rate in Q2 plunged 0.5% from Q1, it said. The PBOC may even lower its relending rate given that it mentioned the significance of structural tools in its executive report published last week, Guohai Securities said.
To read the full story
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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.