PBoC eases despite continued depreciation fears
Renminbi strengthens following China central bank's reserve requirement cut
Renminbi strengthened against the US dollar today (March 1) following the People's Bank of China's (PBoC) decision on Monday to cut banks' reserve requirement ratios (RRR), intensifying monetary stimulus despite recent months' rapid credit expansion and large-scale capital outflows.
The RRR cut off 50 basis points to 17% for major banks, the PBoC's first since October, is likely to furnish China's banking system with an immediate liquidity injection of 650–700 billion yuan, several banks predict
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