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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China's PBOC Cuts Short-Term Rate Due to Slowing Economy Following Fed Move<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-23
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

China announced plans for a rare briefing on the economy by three top financial regulators just as it cut one of its short-term policy rates, fueling speculation officials are preparing to ramp up efforts to revive growth.Authorities announced Monday that central bank governor  will hold a press conference tomorrow on financial support for economic development, alongside  officials. Minutes later, the People\u2019s Bank of China lowered the 14-day reverse repurchase rate, catching up with reductions initiated in July.Taken together the moves bolster expectations for the PBOC to lower rates, after the US Federal Reserve finally started cutting last week easing pressure on China\u2019s need to defend its currency. A slew of disappointing data in August raised concerns that President \u2019s government could miss its annual growth target of around 5% without unleashing more support. Traders appeared to be pricing in more stimulus, with the yield on China\u2019s 10-year government bonds falling to a fresh low of 2.03% in the Monday morning session. The benchmark CSI 300 Index for onshore stocks marked their fourth straight day of increases, the longest streak in two months.\u201cI do expect the PBOC to cut the 7-day reverse repo rate as well as the reserve requirement ratio in the coming months,\u201d said , president and chief economist at Pinpoint Asset Management. The briefing will give regulators a chance to \u201cshed light on their policy stance,\u201d he added. That event kicks off at 9 a.m. \u2014 20 minutes before the PBOC\u2019s daily announcement on its short-term policy loans and their costs, in contrast to more typical 10 a.m. start times.Pan used a similar briefing in January to announce a cut to the amount of money banks must hold in reserve \u2014 the RRR \u2014 two weeks ahead of time, as authorities tried to halt a $6 trillion stock-market rout. The governor has displayed a more transparent approach to policy as he tries to boost confidence.The central bank chief vowed to \u201cenhance the intensity of monetary policy adjustment,\u201d at an event in Macau on Monday, according to a  posted on the PBOC\u2019s website. The authority recently  it was preparing additional policies.While the Fed\u2019s bigger-than-expected half-percentage point slash has given central banks across Asia more room to move, not all are immediately following suit. Indonesia\u2019s central bank  reduced its main rate last week, but the Bank of Australia is set to hold on Tuesday, echoing last week\u2019s decision by  monetary authority which is on a hiking path.China\u2019s string of rate cuts hasn\u2019t done enough to stimulate an economy that most recently expanded at the slowest pace in five quarters. The years-long real estate crisis that\u2019s wiped out an estimated $18 trillion in wealth from households has  appetite for spending and pushed China into its longest streak of deflation since 1999.That means real interest rates \u2014 which are adjusted for changes in prices \u2014 have stayed elevated, weakening the impact of any moderate easing. A plunge in revenue from land sales has also held back fiscal spending, leaving indebted local governments struggling to pay their bills and with little bandwidth to invest in growth-boosting projects.Now, the focus is on whether China\u2019s fourth-quarter growth can get \u201cremotely close\u201d to the annual target, said , Asia equity portfolio specialist at Eastspring Investments, adding that a 4.8% expansion looked most likely for 2024. \u201cMonetary policy could help,\u201d he , \u201cbut ultimately getting the consumer to spend, and building up consumer confidence, is going to be key to China.\u201dEconomists in a Bloomberg poll pinpointed enforcement of the housing rescue package China unveiled in May as the single most-impactful way officials can give the economy a kick. So far,  has been weak with only 29 of some 200 cities heeding the call to absorb a housing glut.\u201cIt is also needed for the PBOC to guide lower the interest rates on existing mortgages,\u201d said Credit Agricole Chief China Economist , responding to the Monday cut. Regulators are also working on a proposal that would allow mega cities such as Shanghai and Beijing to  for non-local buyers, Bloomberg News previously reported. China has a window Wednesday to lower the cost of its one-year policy loans, which officials have downplayed in recent months in favor of short-term rates to guide the market. That means the PBOC might opt to cut its new policy rate before making any change to the . Underscoring the shift in sequence, the central bank in July cut the seven-day reverse repo rate days before it slashed the MLF by the most since April 2020.The PBOC\u2019s decision to lower the 14-day rate to 1.85% from 1.95% Monday came ahead of the week-long nationwide break that begins Oct 1. The central bank typically offers fortnight-long loans ahead of extended breaks, previously doing so in February ahead of the week-long Lunar New Year break. The last time officials cut the RRR came on the cusp of the Lunar New Year holiday, as they looked to smooth liquidity.\u201cA bigger package is needed\u201d than Monday\u2019s 10-basis-point trim, said ANZ Chief Greater China Economist . \u201cOther policy measures in the tool box such as RRR cut, MLF cut and mortgage rate cut will likely be announced.\u201d<\/pre>\n
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