Kina’s centralbank pumper 1200 milliarder yuan i økonomien, svarende til godt 1000 milliarder kr., for at berolige markederner.
Uddrag fra ING:
China’s central bank injected liquidity, and provided additional liquidity and interest rate cut support for Wuhan. Monetary policy is more focused than usual. So too are the fiscal policies.
China’s central bank cut the 7-Day reverse repo from 2.5% to 2.4%. At the same time, their liquidity injection looks large at 1.2 trillion yuan on 3rd February, though there was also around 1.05 trillion yuan maturing on the same day.
The PBoC also cut interest rates for corporations in Wuhan.
We believe that the central bank would like to calm the market with enough liquidity injections so that short-term interest rates will not shoot up, which could create market chaos. But we also believe that the central bank does not want to over-react by easing monetary policy too much.
We also view today’s actions as indicating that the central bank is concerned about market interest rates rising if the economy is not operating normally under the coronavirus, which would explain them pre-emptively cutting interest rates by a bigger than usual step.
It reveals that the central bank does not want to send the message to the market that it is going to flood it with liquidity taking interest rates down to a very low level.
We expect that more fiscal stimulus will also be very focused. The government will spend money on rapidly building more hospitals. They will not just stop at building a couple, they will build many more hospitals and beds.
At the same time imports of medical equipment from around the world can be exempted from import duties and consumption tax.