China's Premier Li: Will take further measures including targeted RRR cut

Comments from Chinese Premier Li

• China will take further measures including targeted RRR cut
• Will further cut taxes and fees to support private and smaller firms' financing
• China will step up countercyclical adjustments of macro policies
• China will use RRR cut and targeted RRR cut

Little wonder stocks have traded higher on the session in China

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Not a cut to the RRR is, in effect, an easing of monetary policy. The 'countercyclical adjustments of macro policies' will be referring to fiscal measures, i.e. more government spending stimulus (in a nutshell … could include cuts to taxes also though).