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5 Feb 2015
China: Expect a lot more monetary easing in 2015 - Nomura
FXStreet (Bali) - According to Nomura, the move by the PBOC to cut the reserve requirement ratio (RRR) for banks by 50bp on Wednesday is much needed and just the beginning of a series of monetary easings.
Key Quotes
"The People’s Bank of China (PBoC) has decided to cut the reserve requirement ratio (RRR) for banks by 50bp, effective 5 February 2015. This is in line with our long-standing view of a 50bp RRR cut in each quarter and a 25bp benchmark rate cut in Q2."
"Last week, we launched our new proprietary indicator, the China Monetary Policy Signal Index (MPSI), which assigns a quite high probability (50-60%) to monetary policy easing via traditional policy instruments (i.e., interest rate or RRR cut) in January-February, much higher than the 38% probability the MPSI showed in November 2014."
"We believe the move is much needed and just the beginning of a series of monetary easings."
Key Quotes
"The People’s Bank of China (PBoC) has decided to cut the reserve requirement ratio (RRR) for banks by 50bp, effective 5 February 2015. This is in line with our long-standing view of a 50bp RRR cut in each quarter and a 25bp benchmark rate cut in Q2."
"Last week, we launched our new proprietary indicator, the China Monetary Policy Signal Index (MPSI), which assigns a quite high probability (50-60%) to monetary policy easing via traditional policy instruments (i.e., interest rate or RRR cut) in January-February, much higher than the 38% probability the MPSI showed in November 2014."
"We believe the move is much needed and just the beginning of a series of monetary easings."