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Yi Gang, the Governor of the People’s Bank of China (PBoC), crossed the wires in the last minutes repeating that they will step up counter-cyclical adjustments for the economy and added that they will increase credit support as well.

“We  will continue to push real lending rates lower,” the governor added. “We will promote capital replenishment for banks to increase lending capability. Stable operation of China’s macroeconomy and financial sector face challenges.”

These comments don’t seem to be having an impact on the market sentiment. As of writing, the 10-year US Treasury bond yield was up 0.4% on a daily basis at 1.826%.