Tokyo tumbles in early trade following Friday's European meltdown, the Nikkei -1.5%. In Hong Kong, the Hang Seng -0.8%. S&P 500 futures -0.2%, German Dax futures -0.3%. The euro -0.4% to $1.3020. The yuan declines a bit against the greenback following Beijing's weekend widening of the trading band - not what the Treasury Dept. had in mind when it heard the news on Saturday.
"This RRR cut is very good news to the market. It will help release liquidity and allow banks to extend more loans," said HSBC economist Ma Xiaoping, adding that the cut will likely release around 400 billion yuan ($63.5 billion) liquidity.
"This RRR cut is very good news to the market. It will help release liquidity and allow banks to extend more loans," said HSBC economist Ma Xiaoping, adding that the cut will likely release around 400 billion yuan ($63.5 billion) liquidity.
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