The Financial Times reports that today China’s central bank has dropped the rate on its one-year medium-term lending facility by 5 basis point so that it now stands at 3.25 per cent. This is the first time they’ve tinkered with this particular rate in 3 years, tending to favour nudging monetary policy via cuts in the reserve requirements commercial banks must hold. Published this morning, October’s Caixin services PMI dipped to 51.1 from 51.3 in September, and among the lowest readings in its 3-year history.
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