People’s Bank of China Governor Pan announced this cut, and others, earlier:

• PBOC Governor Pan says world is full of uncertainties – cuts rates
• PBOC rate cuts: 7-day RR to 1.4% (from 1.5%), LPR 10bp cut also, RRR 50 bp cut

This article was written by Eamonn Sheridan at www.forexlive.com.

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