quick opinion on the importance of yesterdays [overlooked?] Chinese statement re loosening reserves should growth falter
---
After the market closed yesterday, this came across from Reuters China:
China's central bank is prepared to take its strongest action since 2012 to loosen monetary policy if economic growth slows further, by cutting the amount of cash that banks must keep as reserves, sources involved in internal policy discussions say.
This is actually a big deal because Chinese money supply is usually controlled by reserve requirements on banks, not interest rates.
---
goes to link falling CNY, trust-like default fears etc
