Justin had this as it hit: China says that timely use of RRR cuts will support real economy
ICYMI, State media reported on a statement from China's Cabinet, the State Council. In summary:
- said will increase financial support for the real economy, especially for micro-, small- and medium-sized enterprises
- to lower financing costs for companies hit by rising commodity prices
- will keep monetary policy stable
- will adopt cuts in the reserve requirement ratio (RRR) at an appropriate time,
- will not resort to flood-like stimulus
Offshore yuan update:
