China Market Update: The Policy Dragon Awakens As Mainland China & Hong Kong Rally [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Forbes
Hong Kong and Mainland China opened higher after yesterday's monetary policy bazooka. Still, they faded across the trading day, though both managed to post gains, especially the latter, on very higher volumes of 244% and 148% of the 1-year average, respectively. Skeptics are pointing to the lack of fiscal policy support, though yesterday's monetary policy moves were completely unexpected and took investors by complete surprise. A bank reserve requirement ratio (RRR) cut of 0.50% with another 0.25% to 0.50% wasn't a shock, but we also had the 7-day reverse repo rate cut by 0.20%, which led to the loan prime rate (LPR) and deposit rates declining by 0.20%. We also had the mortgage rate reduced by 0.50%, a minimum down payment ratio reduced to 15% from 25%, and RMB 300 billion dedicated to support affordable housing. Overnight, the medium-term lending facility rate was reduced to 2% from 2.30%. What shocked investors the most was the RMB 500 billion fund dedicated to supporting the
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