This morning, when we reported that a sudden – and extremely overdue – urgency appeared to grip Beijing’s top power echelons in fasttracking a bunch of new monetary stimulus measures, including a cut in the 14-day reverse repo tool, we said to expect much more during today’s impromptu briefing on the economy, attended by the country’s three top financial regulators, which had fueled speculation that China was about to unleash far more efforts to revive growth, among which further cuts to the country’s Reverse Repo rate, and LPR rate but also cuts to the RRR and various other monetary stimulus measures.
That’s precisely what happened moments ago when PBoC Governor Pan Gongsheng unleashed what Bloomberg called a “stimulus blitz”, and what we call “sheer panic”, when he announced a bevy of stimulus measures to prop up the sinking economy and crashing stock market. Among these:
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- The PBOC will reduce the 7-day reverse repo rate by 20bps.
- The PBOC will cut the reserve requirement ratio by 0.5%, a move that will free up1 trillion yuan ($142 billion) in liquidity, Pan said.
- China may also cut the RRR further this year by another 0.25 to 0.5% at the appropriate time.
- The PBOC will cut the 1 Year MLF rate by 30bps
- The PBOC will also lower the rates for existing mortgages and cut the down payment ratio on second homes to 15% from 25%.
- The deposit rate will be lowered to “neutralize” the impact on bank margins.
“Monetary policy easing come bolder than expected, with both rate cuts and RRR cuts announcing at the same time,” said Becky Liu, head of China macro strategy at Standard Chartered Plc. “We see room for bolder easing ahead in the coming quarters, following the Fed’s outsized rate cuts.” […]
— Read More: www.zerohedge.com
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
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