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People's Bank of China (PBoC) announced measures today to help the ailing economy to recover.
- PBoC reduced 1 year lending rates by 25 basis points to 4.6%. 1 year deposit rates were reduced by 25 basis points to 1.75%. Reserve requirement ratio lowered by 50 basis points, which will come in effect from September 6th.
Markets around the world has given warm welcome to the stimulus.
- S&P 500 futures extended gains to trade as high as 1952, however down slowly to trade around 1938 as the charm faded.
- European bourses are brighter. DAX is up 4.4%, while European blue chip index, EuroStxx50 is up 4.8%.
- Commodities are up sharply. WTI crude is up 3.4%, while Brent is up more than 3.6%. Industrial red metal copper gained 2.4% to trade at $2.3/pound.
- Emerging market currencies have gained sharply. Indian Rupee has gained more than 1% today against Dollar and around 2.4% against Yen.
Despite the charm over the move,
There exists considerable doubt, whether the measures will be enough to prevent further decline in China's ailing economy.
And,
Further stimulus risks subprime lending in the economy, which has already created enough trouble.
