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PBoC to Cut Reserve Requirement Ratio by 25bps, Effective Mar 27

CHINA
  • China's PBoC are to cut the reserve requirement ratio by 25bps to 10.75%, effective March 27th.
  • It had been a topic of conversation for governor Yi Gang around a week or so ago, where he made comments in a media briefing stating that "a reduction in the reserve requirement ratio would be an effective way to inject liquidity" However he also suggested that there was limited room for policy rate cuts and the possibility of a lower RRR depending on the economic outlook.
  • All-in-all, the move was inline with expectations, however it may be coming sooner than expected - the Shanghai Securities News wrote yesterday that "The probability for China to reduce its banks’ reserve requirement ratio still exists as the country has entered into a credit easing cycle, but the likelihood of an interest rate cut in the short term remains low"
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