@luminousqusar
Tuesday, September 24
High-Level News:
• On Tuesday, Pan Gongsheng, Governor of the People's Bank of China, will hold a press conference with two other officials to discuss financial support for economic development. Shortly after this announcement, the People's Bank of China reduced the 14-day reverse repurchase rate, matching the cut from July.
Overall Sentiment:
• Yesterday, the State Council Information Office announced that a press conference will be held at 9:00 AM on Tuesday, where the Governor of the People's Bank of China, and other two financial officers will be present. Following the announcement, the reduction of the reverse repo rate was seen as the first step in official interest rate cuts, leading to various market rumors, mainly focusing on reducing existing home mortgage rates and lifting the purchase restrictions in Beijing and Shanghai.
• Due to expectation management, failing to meet these expectations would be considered below market expectations.
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