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Barley Risotto and Kimchi: A Culinary Crossroads| SaltWire #food #cookingshorts #kimchiBEIJING - A sentence from a months-old speech by Chinese President Xi Jinping has sparked speculation the central bank might start aggressively buying government bonds to support the economy, a stimulus measure China has long shunned.
The Hong Kong-based South China Morning Post cited an excerpt of the speech on Thursday from the book, triggering market talk about how to interpret Xi's words against the backdrop of the PBOC's reluctance to flood the system with liquidity due to fears of inflation and asset bubbles. "In fact, in the same speech, Beijing made hawkish comments that the deleveraging process requires a tighter grip on money and credit supply, which we believe indicates continued preference for austerity to prevent misallocations," Xing said in a note to investors.
Guolian Securities economist Rocky Fan said the PBOC could buy treasury bonds while reducing reverse repurchases, replacing one with the other. The PBOC last cut the rate on one-year medium-term lending facility loans, a guide to the loan prime rate, by 15 basis points to 2.50% in August.
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