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03988 BANK OF CHINA
RTNominal up3.460 +0.020 (+0.581%)
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08/10/2018 17:46

[I-bank focus]RRR cut unlikely to avert macro slowdown

[ET Net News Agency, 8 October 2018] CLSA said China's national day holiday ended with
a 1ppt RRR reduction, as the PBOC aims to bring down funding costs and to ensure support
of the real economy.
The research house does expect the cut to ease NIM pressure for banks, but doubts there
will be much boost to their bottom-lines or a transmission of liquidity to SMEs. The
global trade war and geopolitical changes are shaping risk perceptions.
CLSA said in theory the 1ppt RRR release should boost net profit by over 1% but it kept
its forecasts unchanged. The PBOC's action is in response to more distress signals, ie
without it, NIM may go down or profit growth be cut. (KL)

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