Another rate cut from the People's Bank of China, 14 day reverse repo to 1.95% from 2.15%

<p>From China so far today:</p><ul><li><a href="https://www.forexlive.com/news/chinese-state-linked-developer-sino-ocean-has-suspended-payment-on-all-its-offshore-debts-20230915/" target="_self">Chinese state-linked developer Sino-Ocean has suspended payment on all its offshore debts</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71786-vs-estimate-at-72849-20230915/" target="_self">PBOC sets USD/ CNY reference rate for today at 7.1786 (vs. estimate at 7.2849)</a></li><li><a href="https://www.forexlive.com/centralbank/peoples-bank-of-china-set-mlf-rate-at-25-expected-25-prior-25-20230915/" target="_self">People's Bank of China set MLF rate at 2.5% (expected 2.5%, prior 2.5%)</a></li><li><a href="https://www.forexlive.com/news/china-august-new-home-prices-03-mm-prior-month-02-20230915/" target="_self">China August new home prices -0.3% m/m (prior month -0.2%)</a></li></ul><p>Buried in amongst that lot (the reference rate post) is the news of another rate cut from the Bank:</p><p>PBOC sets 14 day RR rate at 1.95% vs. 2.15% previously</p><ul><li>we haven't had a 14-dayer in many months</li></ul><p>Still on the way from China is the economic data for August:</p><ul><li><a href="https://www.forexlive.com/news/economic-calendar-in-asia-friday-15-september-2023-china-economic-data-for-august-20230914/" target="_blank" rel="follow" data-article-link="true">Economic calendar in Asia – Friday, 15 September 2023 – China economic data for August</a></li></ul><p>The PBoC cut its RRR yesterday, which may be a sign the data will not be as good,as expected:</p><ul><li><a href="https://www.forexlive.com/centralbank/chinas-pboc-have-been-busy-cut-its-rrr-asked-banks-not-to-buy-dollars-panicking-20230914/" target="_blank" rel="follow" data-article-link="true">China's PBOC have been busy: Cut its RRR, 'asked' banks not to buy dollars. Panicking?</a></li></ul><p>Pan Gongsheng is People's Bank of China governor</p>

This article was written by Eamonn Sheridan at www.forexlive.com.