It's only logical that one day after Trump accused China (and Russia) of playing the "currency devaluation game" in a time of rising Fed rates, that Beijing would respond by doing precisely what it was accused of, and moments ago the PBOC announced that effective April 25, China's central bank will cut the reserve requirement ratio (RRR) for qualified banks by one percentage point. The new targeted RRR will be effective April 25. The PBoC said that that the cut is for banks to repay MLF loans and will release about 400BN yuan of liquidity net (excluding the MLF repayment). According to preliminary ... (full story)