China | China’s rekindled market selloff prompted strong monetary easings

Summary

The People’s Bank of China (PBoC) cut its policy rates by 25 bps and the Required Reserve Ratio (RRR) by 50 bps, in response to the rekindled selloff in China’s stock market which has trimmed the Shanghai Composite Index by 544 points on Monday and Tuesday. Amplified by the unexpected RMB devaluation, the market turbulence sparked selloffs around global financial markets.

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