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China jumps on the easing bandwagon


The PBOC unexpectedly cut the rate on reverse repo agreements by 20 bps to 2.20% overnight, relieving pressure on an economy ravaged by COVID-19 and injecting 50B yuan ($7.1B) into the banking system.

“The larger-than-usual rate cut is an expression that China is willing to join the coordinated consortium for economic stabilization,” said Raymond Yeung, chief China economist at Australia & New Zealand Banking Group in Hong Kong. “Small and medium-sized businesses are collapsing for lack of cash flow.”

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