China’s Surprise Rate Cut Unlikely To Move The Needle
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The PBoC lowered the 7-day reverse repo rate from 1.80% to 1.70% on Monday. The 5-year and 1-year loan prime rates declined by 10 basis points (bps) to 3.85% and 3.35%, respectively. However, this 10-bps cut is unlikely to have any meaningful stimulative…
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