Chinese government recently pledged ample liquidity to invigorate the economy faced with slowing domestic demand and escalating trade tensions with the United States.
The People's Bank of China (PBOC) injected a great amount of liquidity by means of targeted cut in reserve-requirement ratio (RRR), open market operation and the medium-term lending facility (MLF) since the start of July. The market has started to sense the change of the policy stance, with interbank borrowing costs, government bond yields and interest-rate swaps are hitting record lows.
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