Shares fall despite PBOC cutting bank ratio
Print Edition
SHANGHAI stocks fell yesterday despite a trim in commercial banks’ reserve requirement ratio.
The benchmark Shanghai Composite Index declined 1.18 percent to 3,136.53 points.
Nomura said the cut was in response to strong disinflationary pressure in the economy, and also because targeted piecemeal measures such as short-term central bank liquidity injections and easing of macro-economic policies proved insufficient.
The People’s Bank of China on Wednesday announced a 0.5-percentage-point cut in banks’ reserve requirement ratio.
Nomura expected the ratio cut to inject 570 billion yuan (US$91 billion) of liquidity into the banking system.
Manufacturing shares fell, with AVIC Heavy Machinery off 4.29 percent to 22.30 yuan, Guangzhou Shipyard International losing 3.97 percent to 39.42 yuan, and Sinomach Automobile falling 3.1 percent to close at 21.26 yuan.
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