US Fed cuts rates by 50 basis points
Sep 18, 2024
PBOC cuts rates as China struggles to hit GDP target
According to BNP Paribas, the Rmb might “initially react negatively”, however, the USD upside is likely to be limited by the Fed rate cut outlook.
The People's Bank of China’s (PBOC) decision to cut the seven-day reverse rate from 1.8% to 1.7% on Monday July 22 as policymakers’ attempt to fulfil the 5% growth target conveyed by China’s third plenum, according to a note from BNP Paribas.
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