PBOC Governor Pan: Will cut interest rates and RRR at an appropriate time

People's Bank of China (PBOC) Governor Pan Gongsheng said on Thursday that the central bank “will cut interest rates and Reserve Requirement Ratio (RRR) at an appropriate time.”

Additional quotes

Will study, establish new structural policy tools for monetary policy.

Will resolutely prevent exchange rate overshooting risks.

Market reaction

The Chinese-proxy, the Australian Dollar (AUD) has erased gains against the US Dollar (USD), leaving AUD/USD modestly flat near 0.6335, as of writing.