Industrial and Commercial Bank of China cuts yuan deposit rates

Industrial and Commercial Bank of China (ICBC) along with AgBank have cut yuan deposit rates.

ICBC cuts 2 year yuan deposit rate to 2.05%

• cuts 5 year to 2.45%
• cuts 10 year to 2.5%

Stimulus from China. I posted on 'requests' from Chinese authorities to cut rates yesterday:

But there is some head-kicking going on:

• China calls on biggest banks to cut deposit rates to bolster the economy
• China regulator reportedly asks major state-owned banks to lower dollar deposit rates
• Pressure on the People's Bank of China "to keep policy loose and supportive"

Note: 'calls on' and 'asks' means getting a kick in the head in China.

CNH not a lot moved, it moved sharply overnight:

• Eyes on the PBOC CNY rate today after a slump in CNH overnight

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eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term