{"id":46660,"date":"2023-06-12T05:02:00","date_gmt":"2023-06-12T04:02:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46660"},"modified":"2023-06-16T19:05:17","modified_gmt":"2023-06-16T18:05:17","slug":"morning-brief-chinese-bank-cuts","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/morning-brief-chinese-bank-cuts\/","title":{"rendered":"Morning Brief &#8211; Chinese bank cuts"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46660\" class=\"elementor elementor-46660\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8ae9bc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8ae9bc5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a558237\" data-id=\"a558237\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cc7a95c elementor-widget elementor-widget-text-editor\" data-id=\"cc7a95c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>A very slow Asian session ahead of a busy week of central bank action, however, several Chinese commercial banks cut interest rates on a range of <a href=\"https:\/\/bit.ly\/2KiYlmw\" target=\"_blank\" rel=\"noopener\">yuan<\/a> deposits from Monday.<\/p><p>The move comes after last week\u2019s bank cuts in China, following their larger peers in a coordinated move to ease pressure on profit margins, and also overall economic slowdown.<\/p><p>Chinese bank action includes, Industrial &amp; Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications, and the Agricultural Bank of China.<\/p><p>And policymaking banks include the Agricultural Development Bank of China, the China Development Bank, and the Export-Import Bank of China.<\/p><p>Non-state banks cut rates today. Joint-stock commercial banks cut deposit rates today. Banks including China Merchants Bank, China CITIC Bank and China Minsheng Banking Corporation.<\/p><p>The deposit rate cuts follow a similar move by China&#8217;s biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September.<\/p><p>Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio (RRR) to expand credit and boost investment spending.<\/p><p>Later this week we will get the People\u2019s Bank of China setting the rate on its Medium-Term Lending Facility (MLF). The MLF will be set on Thursday, the 15th.<\/p><p>The chance of a cut to the rate, expected of around 10 basis points for the one-year, is firming up with more Chinese banks cutting deposit rates today following cuts from the largest six state banks last week.<\/p><p>Kiwi Bank notes that for the PBOC \u201c<em>Unlike other central banks, there\u2019s pressure to keep policy loose and supportive.<\/em>\u201d And \u201c<em>China\u2019s post-Covid recovery looks to be stalling.<\/em>\u201d<\/p><p>Also \u201c<em>Trade data have also been rather lacklustre. Both import and export growth have not been as strong as expected. reflecting sluggish internal and external demand.<\/em>\u201d<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A very slow Asian session ahead of a busy week of central bank action, however, several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday. The move comes after last week\u2019s bank cuts in China, following their larger peers in a coordinated move to ease pressure on profit margins, and [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":46668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[606,202,800],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morning Brief - Chinese bank cuts - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/morning-brief-chinese-bank-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Brief - Chinese bank cuts Morning Brief - Chinese bank cuts\" \/>\n<meta property=\"og:description\" content=\"A very slow Asian session ahead of a busy week of central bank action, however, several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/morning-brief-chinese-bank-cuts\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-12T04:02:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-16T18:05:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/06\/GettyImages-1348098738.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"416\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Morning Brief - Chinese bank cuts Morning Brief - Chinese bank cuts\" \/>\n<meta name=\"twitter:description\" content=\"A very slow Asian session ahead of a busy week of central bank action, however, several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/morning-brief-chinese-bank-cuts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/morning-brief-chinese-bank-cuts\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Morning Brief &#8211; 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