Friday, 14 December, 2018

Central bank to cut reserve requirement by 1%

China pumps USD 109 billion into economy as trade war bites on growth Image Courtesy Reuters
Rhonda Young | 10 October, 2018, 15:03

"China trade tension further escalate". In a speech, U.S. vice-president Mike Pence said on Thursday that China's onshore stock market fell by 25% in the first nine months of the year because Washington "has been standing strong against Beijing's trade practices".

"The trade war's impact on the economy is showing". And on Friday, Chinese technology stocks listed in Hong Kong, including Lenovo and ZTE Corp, slumped on a Bloomberg report that the systems of multiple U.S. companies had been compromised by malicious computer chips inserted by Chinese spies.

China's IT sector fell sharply on Monday, tumbling over 3.4 percent in early trading. Shenzhen-listed shares of ZTE was down over 8 per cent at close.

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The cut will release a total of 1.2 trillion yuan ($175 billion), of which 450 billion yuan is to be used to repay existing medium-term funding facilities which are maturing, the central bank said.

The PBOC will continuously implement a prudent and neutral monetary policy, refrain from using a deluge of stimulus and focus on targeted adjustment to maintain sound and sufficient liquidity, facilitate rational growth in monetary credit and social financing and create a proper monetary and financial environment for the country to pursue high-quality economic development and advance the supply-side structural reform, it said. "Liquidity is not the issue".

Asian markets fell on Monday, extending last week's sell-off as another strong United States jobs reading further fanned expectations the Federal Reserve will hike interest rates at a quicker pace. Yields of China's 10-year central government bonds have been trending lower this year, standing at 3.633 per cent on Monday.

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The 30-year Treasury bond reached a four-year high of 3.424 percent, and was at 3.4054 percent at the USA close on Friday. "The narrowing interest rate differentials between China and the U.S. will exert more downward pressure on the RMB", wrote Nathan Chow, strategist at DBS Group Research.

Sydney retreated more than one percent, Singapore eased 0.5 percent, Seoul was 0.2 percent lower and Taipei gave up 0.8 percent. When Chinese markets were closed last week, Hong Kong stocks fell for four consecutive days as investors grew increasingly concerned that the impact of the trade war is starting to show. On Wednesday morning, the onshore spot yuan traded in a thin range of less than 60 pips.

The move has resulted in an increased weakening of China's currency, which has been down nearly 6% against the dollar this year and, following the news, on Monday the Chinese currency slipped to 0.4% versus the dollar.

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The decision is meant to "further encourage the stable development of the real economy, optimise the liquidity structure of commercial banks and financial markets, lower financing costs, and to continue increasing the financial systems' efforts to support small businesses, private enterprise and innovation", the People's Bank of China said in a statement.

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