This is good news for base metal miners, especially iron ore and...

This is good news for base metal miners, especially iron ore and copper. Hot off the press.
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China announces stimulus measures

David Rogers
The Australian

China’s central banks is announcing a raft of stimulus measures to support economic growth.
Bank’s reserve ratio requirement will be cut by 0.5 per cent, the 7-day repo rat will be cut 0.2 percentage points to 1.5 per cent, and existing home loan rates will be cut by 0.5 percentage points on average.

The PBoC will also allow funds and brokers to tap PBoC funding to buy stocks.
PBoC chief Pan Gonsheng says the RRR rate might be cut again by 0.25-0.5 percentage points depending on liquidity and market conditions.
He expects China’s loan prime rate and bank deposit rates to fall by 0.2-0.25 percentage points.
It comes out of a rare joint briefing between regulators including the PBoC, CSRC and NFRA after disappointing economic data last week left China’s 5 per cent growth target in doubt.
The Australian dollar rose from around US68.30c to US68.45c on the news, while the S&P/ASX 200 index rose from about 8155 to a high of 8172.