2024-07-23 09:30:00 ET
Summary
- The PBOC made its first rate cut since February, cutting the 7-day reverse repo rate 10 basis points to 1.7%.
- Loan prime rates were also cut 10bp in a boost to growth.
- Our current forecast is for the USDCNY to end the year around 7.26.
By Lynn Song
China cut its 7-day reverse repo rate and LPR by 10bp
The PBOC made its first major moves since announcing a shift in monetary policy framework
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China Cuts 7-Day Reverse Repo Rate And Loan Prime Rates In Move To Support Growth