China's Stimulus Blitz: What We Know So Far and What to Expect [BNN Bloomberg (Canada)]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: BNN Bloomberg
Here are the key measures unveiled and reported so far — and what more to expect. Interest Rate Cuts The People's Bank of China cut its seven-day policy rate on Friday, three days after Governor Pan Gongsheng announced steps to lower borrowing costs to spur growth at a hastily-arranged press conference. The cut in the seven-day reverse repurchase rate, to 1.5% from 1.7%, will be accompanied by a reduction in the loan prime rates and deposit rates, Pan said at the briefing on Tuesday. The next day, China's central bank delivered the biggest-ever decrease to the interest rate charged on its one-year policy loans, known as the medium-term lending facility. The one-year LPR, which is a benchmark for corporate and household credit like mortgages, is scheduled to be announced on Oct. 21. The Politburo, China's top decision-making body, called for a “forceful” implementation of rate cuts on Thursday. That signals further easing could be on the table. RRR Cuts The Chinese cen
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