- PBOC cuts MLF to 2.50% from 2.65% previously, also cuts 7-day repo rate
- PBOC announces more rate cuts, this time to SLF rates
The question is, are these measures enough to turn the tide in the economy? I don't think so. Domestic demand is dead in China and that is the more serious concern in my view. Helping to ease pressure on credit conditions is welcome but there needs to be more. Xi certainly needs to bring the good ol' bazooka to the table.