China: PBoC reduces Foreign Currency Deposit RRR – UOB – by pabspiovano China InterestRate PBOC CentralBanks Banks
UOB Group’s Economist Ho Woei Chen, CFA, and Senior FX Strategist Peter Chia, review the latest decision by the PBoC.“In a statement on Mon , the People’s Bank of China said the reserve requirement ratio for foreign currency deposits will be reduced to 6% from the current 8% with effect from 15 Sep. This is the second FC RRR cut this year, following a 100bps reduction that took effect on 15 May.”
“With the increasing headwinds in China, the PBoC will need to maintain an accommodative monetary policy and a proactive fiscal policy to support the recovery. Chinese officials said on Mon that the government will accelerate its stimulus rollout in 3Q22. Policy priority will remain on stabilising the economy as well as preventing sharp depreciation to the CNY ahead of the 20th Party Congress that starts on 16 Oct.
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