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5 Feb 2015
PBoC expected to ease further – Danske Bank
FXStreet (Edinburgh) - Following the recent 50 bp cut of the RRR by the PBoC, analysts at Danske Bank believe there is the chance of further cuts in the upcoming periods.
Key Quotes
“The PBoC cut its leading interest rates in November and signalled that China had entered an easing cycle; since then financial markets have been waiting for more easing”.
“A cut in the reserve requirement will inject liquidity into the interbank market, putting more direct downward pressure on interbank interest rates, unlike the largely symbolic interest rate cut in November”.
“Looking ahead, we expect the PBoC to cut the RRR by another 50bp within three months. We do not expect it to cut the leading interest rates further”.
“In our view, we are not entering a phase of more substantial monetary easing in China, but we also underscore that it probably remains in a phase of managed deleveraging where the policy focus will remain on containing credit growth and managing financial risks”.
Key Quotes
“The PBoC cut its leading interest rates in November and signalled that China had entered an easing cycle; since then financial markets have been waiting for more easing”.
“A cut in the reserve requirement will inject liquidity into the interbank market, putting more direct downward pressure on interbank interest rates, unlike the largely symbolic interest rate cut in November”.
“Looking ahead, we expect the PBoC to cut the RRR by another 50bp within three months. We do not expect it to cut the leading interest rates further”.
“In our view, we are not entering a phase of more substantial monetary easing in China, but we also underscore that it probably remains in a phase of managed deleveraging where the policy focus will remain on containing credit growth and managing financial risks”.