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GRAY.base.eth
@graymmo
China and Australia UPDATE Chinese shares rose sharply as the People's Bank of China announced a series of policy easing measures at a press conference. The People's Bank of China said it would cut the reserve requirement ratio for banks by 0.5 percentage points and would also cut the seven-day reverse repo rate to 1.5% from 1.7%. (The reserve requirement ratio is the percentage of deposits that banks must hold as reserves and not lend out, while the reverse repo rate is the interest that commercial banks must pay the central bank when they borrow money.) Australia's central bank will also announce its interest rate decision tomorrow, with economists polled by Reuters predicting the Reserve Bank of Australia (RBA) will keep its cash rate unchanged at 4.35%.
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