Industrial and Commercial Bank of China (ICBC) along with AgBank have cut yuan deposit rates.
ICBC cuts 2 year yuan deposit rate to 2.05%
- cuts 5 year to 2.45%
- cuts 10 year to 2.5%
Stimulus from China. I posted on ‘requests’ from Chinese authorities to cut rates yesterday:
But there is some head-kicking going on:
- China calls on biggest banks to cut deposit rates to bolster the economy
- China regulator reportedly asks major state-owned banks to lower dollar deposit rates
- Pressure on the People’s Bank of China “to keep policy loose and supportive”
Note: ‘calls on’ and ‘asks’ means getting a kick in the head in China.
CNH not a lot moved, it moved sharply overnight:
This article was written by Eamonn Sheridan at www.forexlive.com.