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People's Bank of China (PBOC) over the weekend taken steps to provide further relief to debt burden and ailing economy.
PBOC this year has been quite aggressive in easing so far this year, however Friday's 7% drop could have prompted the bank to take action over the weekend as Greek failed negotiation clouded sentiment.
- The level of action had been quite rare. PBOC had cut both of its benchmark rates and also reserve requirements. PBOC has cut one year benchmark lending rate and deposit rate by 25 basis points each bring them at 4.85% and 2% respectively.
- Moreover, it has lowered reserve requirements by 50 basis points for banks which have sizable exposure to agriculture and small business sector.
The Shanghai Composite was up 2.49 per cent in early trade after the People's Bank of China's decision over weekend to cut interest rates to a record low, but then sold off to be as much as 7.58 per cent lower. However the index finally closed down -3.34% to 4053.
Shanghai composite dropped more than 25% from its June peak.
