China surprises with rate cuts: 1-year LPR and 5-year LPR each down by 10bps. PBOC follows with largest MLF cut since April 2020 by 20bps. The different sequence of rate cuts have some implications.
What is covered in the Full Insight:
Introduction
Details of the Rate Cuts
Market Interpretations
Implications of the Rate Cut Sequence
Conclusion
SUMMARY
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