It is unlikely that policymakers will impose a level on themselves, having got the psychological seven out of the way, it took some effort to (do that)... while avoiding any big capital outflows and market swings, so it would be unwise to self-impose another level.

Frances Cheung

Categorized in : Business

That said, the outcome is likely to reinforce the somewhat risk-on sentiment today, looking ahead, we still see each monthly LPR re-set as providing an opportunity for a baby-step reduction.

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On balance there is still need for liquidity or credit support.

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The won is both risk- and trade-sensitive, and as such it is suffering, upward pressure on USD/Asia is likely to stay before we see some economic improvement (in China).

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A delay in the tariff deadline is what has been expected. Still, a near confirmation of such a delay, together with reassurance from Trump's comments, is supportive of the yuan, beyond the initial reaction, however, market will need a follow-up in terms of a trade deal for further impetus.

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