The PBOC said it will cut for most lenders the amount of cash set aside as reserves from Oct. 15
10 October, 2018, 17:45
The yuan was also down Monday as expectations of more easing measures plus surging USA bond yields exerted downward pressure on the Chinese currency.
The decision is meant to "further encourage the stable development of the real economy, optimise the liquidity structure of commercial banks and financial markets, lower financing costs, and to continue increasing the financial systems' efforts to support small businesses, private enterprise and innovation", the People's Bank of Chinasaid in a statement.
"There's an acute shortage of confidence in the market".
"The export tax rebate is the most effective way to counter the negative impact of trade war on Chinese exporters to stabilize the job market".
The blue-chip CSI 300 index opened 2.3 percent lower and at midday was down 3.6 percent, with the Shanghai Composite shedding 3.0 percent at the end of the morning session. Co, Kweichow Moutai Co and Hangzhou Hikvision Digital Technology Co - old favourites that jumped at least 97 per cent previous year - were the most sold by overseas traders on Monday. Last week, Hong Kong's Hang Seng slumped 4.4 per cent as investors anxious about the escalating trade row.
The losses in China also came despite a cut in the amount of cash the country's commercial banks must keep in reserve, which its central bank says will pump more than $100 billion into financial markets.
Mr. Pence intensified Washington's pressure campaign against Beijing on Thursday by accusing China of "malign" efforts to undermine U.S. President Donald Trump ahead of next month's congressional elections and reckless military actions in the South China Sea.
Telecoms equipment maker ZTE led tech shares downward on Monday, falling 8.14% to 16.81 yuan after a Bloomberg News report last week said China had inserted special microchips into computer goods exported to the United States to steal technology secrets.
China's IT sector fell sharply today, tumbling over 3.4 per cent in early trading. Shenzhen-listed shares of ZTE was down over 8 per cent at close. This marks the biggest monthly drop since February.
On the same day, the above-mentioned banks will use the funds released by the RRR cut to repay the medium-term loan facilities of the central bank where they borrowed.
The PBOC would "maintain reasonably ample liquidity to drive the reasonable growth of monetary credit and social financing scale", it said. "Liquidity is not the issue". Xie Yaxuan, chief economist at China Merchants Securities said in a note that the timing of the announcement was a deliberate move by Beijing "to offset the shock from declines in global stock and bond markets to the domestic economy".
"Moreover, there is still room for further RRR cuts when necessary, though the chance for an interest rate cut is limited given the continued Fed rate hiking cycle, in our view."On Monday, the spread between Chinese and USA 10-year Treasury bonds was 58.1 basis points according to Eikon data, compared with 150 basis points at the end of 2017".
In the meantime, Florida Governor Rick Scott has declared a State of Emergency for the Florida Panhandle and Big Bend areas. Image: Forecast Track for Hurricane Michael . "This storm will be life-threatening and extremely unsafe ", he said.
Saudi Arabia to allow Turkey to search consulate for Jamal Khashoggi; State Department correspondent Rich Edson reports. Turkey conveyed its expectation of "full cooperation" from Riyadh in search of Khashoggi, Anadolu Agency reported .
One of them transcribes voicemails in real time, so users can decide whether to pick up the call or keep ignoring it. While Google's phones have larger screens, they do look similar to their predecessors except for fully glass backs.
Turkish officials fear the team killed Khashoggi , who has been critical of Saudi Crown Prince Mohammed bin Salman in his writing. Trump on Monday expressed concern about Khashoggi's case and Secretary of State Mike Pompeo called for a thorough investigation.
The Healthy People 2020 goals include a target of 90% annual flu vaccine coverage for health care personnel. The flu shot did not work well previous year as the vaccine only reduces a person's risk by 40 percent .
In a blog post , Google said the information that was exposed includes full names, email addresses, occupation, gender and age. In response to the breach, Google is shutting down all consumer functionality of Google+.
Subsequent name changes will cost money, with it being $4.99 for PlayStation Plus members and $9.99 for everyone else. At that time, a full list of compatible games (those published before April 1, 2018) will be released.
At the Ruse vigil, telecoms technician Venelin Rumenov, 27, told AFP: "I don't think that she had been threatened or anything". Ms Marinova was a director of TVN , a small TV station, and a TV presenter for two investigative programmes.
Police eventually separated the dueling brawls, and both McGregor and Khabib were escorted out of the Las Vegas arena. Nurmagomedov applied a neck crank and, after a hesitant tap, McGregor relented and tapped out to signal he was done.
Rounding out the nominees are Def Leppard , Devo , MC5, John Prine , The Cure , Roxy Music , The Zombies , and Todd Rundgren . It's that time again - time for opinions to fly, arguments to be had and fan votes to be cast.
For six years it combined with world football's governing body to become the Fifa Ballon d'Or . Ronaldo is the defending champion, having won his fifth Ballon d'Or in 2017.
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Taylor Swift Brings Friend Claire Winter to AMAs 2018!
Please, please educate yourself on the candidates running in your state and vote based on who most closely represents your values. He also just received posthumously the Best New Artist Award at the BET Hip-Hop Awards last weekend as well.
Climate change economists win Nobel prize
His economic approaches to global warming include modeling to determine the efficient path for coping with climate change. In the 1970s, Nordhaus, already alarmed by the threat of global warming, began working on potential solutions.
DC Comics hires James Gunn after Disney fires him
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Billy Eichner, right, got political as he presented the award for favourite adult contemporary artist with Kathryn Hahn. I gotta show people wrong, I gotta prove people wrong."Because they said I wasn't gonna make it after I had a baby'".
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It's fantastic that as a result of the campaign more people are checking in on someone who they think may not be going so well. Remedial measures parents can take, Grover advised, included "spending time with their children and being friendly with them".
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The West Indies will have to lift themselves to put up a better performance after being thoroughly outplayed in Rajkot . The top team ranking will potentially be up for the taking depending on how the Sri Lanka and England series pans out.
Caroline Wozniacki Wins China Open
Open champion Naomi Osaka in the semifinal, but couldn't handle the second-seeded Dane's punishing groundstrokes. Her win means that she will stay at No. 2 in the rankings and Sevastova will rise to a career-high of No. 12.