- Analiza
- Novosti i instrumenti
- Vesti sa tržišta
- China: More cuts in the pipeline – Standard Chartered
China: More cuts in the pipeline – Standard Chartered
PBoC cuts MLF rate by 20bps in a surprise move, likely intended to close the gap with the market rate. Role of MLF rate is fading, but it will likely remain an important liquidity injection tool near-term. We now expect one more 10bps cut to the 7-day reverse repo rate in Q1-2025, on top of a 10bps cut in Q4. We now see a 20bps MLF rate cut in both Q4 and Q1-2025, taking the rate to 1.9%, Standard Chartered economists Shuang Ding and Hunter Chan note.
More room for MLF rate cuts
“China’s authorities appear to have shifted focus to stabilising growth following a disappointing Q2. Growth slowed sharply to 0.7% q/q from 1.5% in Q1, putting the annual growth target (5%) at risk. The recent Third Plenum urged the government to make good use of macro policies to boost domestic demand and achieve the annual target.”
“The People’s Bank of China (PBoC) surprised the market by cutting the 7-day reverse repo (7DRR) rate – the main policy rate – by 10bps on 22 July. It also unexpectedly conducted medium-term lending facility (MLF) operations on 25 July, in addition to the usual operations on 15 July, injecting CNY 200bn to keep liquidity ample before month-end.”
“We now expect two more 7DRR rate cuts by Q1-2025, taking the rate to 1.5%. The Fed is expected to start its rate cutting cycle in Q3; this would likely reduce pressure on the CNY, thereby relaxing a key constraint on monetary easing in China. The upcoming Politburo is likely to push for faster fiscal spending in H2 to make full use of the approved budget.”
© 2000-2024. Sva prava zaštićena.
Sajt je vlasništvo kompanije Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
Svi podaci koji se nalaze na sajtu ne predstavljaju osnovu za donošenje investicionih odluka, već su informativnog karaktera.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Izvršenje trgovinskih operacija sa finansijskim instrumentima upotrebom marginalne trgovine pruža velike mogućnosti i omogućava investitorima ostvarivanje visokih prihoda. Međutim, takav vid trgovine povezan je sa potencijalno visokim nivoom rizika od gubitka sredstava. Проведение торговых операций на финанcовых рынках c маржинальными финанcовыми инcтрументами открывает широкие возможноcти, и позволяет инвеcторам, готовым пойти на риcк, получать выcокую прибыль, но при этом неcет в cебе потенциально выcокий уровень риcка получения убытков. Iz tog razloga je pre započinjanja trgovine potrebno odlučiti o izboru odgovarajuće investicione strategije, uzimajući u obzir raspoložive resurse.
Upotreba informacija: U slučaju potpunog ili delimičnog preuzimanja i daljeg korišćenja materijala koji se nalazi na sajtu, potrebno je navesti link odgovarajuće stranice na sajtu kompanije TeleTrade-a kao izvora informacija. Upotreba materijala na internetu mora biti praćena hiper linkom do web stranice teletrade.org. Automatski uvoz materijala i informacija sa stranice je zabranjen.
Ako imate bilo kakvih pitanja, obratite nam se pr@teletrade.global.
Банковни транcфери
