China conducts surprise rate cuts in efforts to support weak economy

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China conducts surprise rate cuts in efforts to support weak economy - Business Standard

Quick Summary:

The cuts come after China last week reported weaker-than-expected second-quarter economic data and its top leaders met for a plenum that occurs roughly every five years.

Ju Wang, head of Greater China FX & rates strategy at BNP Paribas, said that rising expectations for the Federal Reserve to start cutting interest rates also gave the PBOC room to manoeuvre its monetary easing.

Following the rate cuts, China's yuan dropped to a near two-week low of 7.2750 per dollar before paring some losses.