When a cut isn’t a cut
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China’s central bank (PBoC) has cut a seldom used policy rate, aligning it with other key rates.
On Monday, the PBoC issued RMB 74.5 billion worth of 14-day reverse repos at 1.85%, 10 bps lower than when it last sold the instrument prior to the Lunar New Year holiday in February.
ICYDK: The PBoC’s m...