Chinese media reports that the People’s Bank of China (PBoC) will provide hefty liquidity injections for its five largest banks are being viewed by some analysts as the major stimulus move markets have been waiting for, but others say something even bigger is round the corner.
The PBoC will distribute 500 billion yuan ($81 billion) to each of its five largest banks through standing lending facilities – a tool that allows banks and commercial lenders to ask the central bank for one to three-month loans. The move has not been officially confirmed.
The report saw copper futures spike 4 percent late Tuesday before retreating, a move so fast and powerful it triggered an automatic 10-second trading pause at the CME Group. Meanwhile, the Australian dollar – which is closely linked to China’s economic performance – rallied 1 percent against the U.S. dollar.
CNBC
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