China: broad easing measures but fiscal measures are now awaited

In Short

The PboC positively surprised markets by easing main monetary policy rates and announcing new measures to support the housing market. In an unprecedented move since 2015, the PboC simultaneously cut the reserve ratio requirement ratio by 50bp to 9.50% and the 7D reverse repo rate by 20bp to 1.50%. It came after a previous 10bp cut in late July

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