Earlier:
- Industrial and Commercial Bank of China cuts yuan deposit rates
- Chinese media speculate on a loan prime rate cut after banks reduced deposit rates
Bank Of China have cut yuan deposit rates also. Construction Bank too.
Others following along also.
Earlier this week I posted on ‘requests’ from Chinese authorities to cut rates:
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.
China’s Premier Li Qiang
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This article was written by Eamonn Sheridan at www.forexlive.com.
