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Forget the Fed and BOJ; PBOC holds the monetary cards
With all the focus on the US Federal Reserve and Bank of Japan, it’s easy to forget where the most important monetary calls are being made this year: Beijing. Sure, Fed Chairman Jerome Powell said Wednesday (July 31) that big actions are coming. A September interest rate cut is “on the table,” provided the inflation data supports one. That, and BOJ Governor Kazuo Ueda’s modest 0.15% rate hike hours earlier, is the talk on global markets. But both narratives, though, are more of the signaling variety than anything that’s going to make or break the world’s No. 1 or No. 3 economy. How People’s Bank of ... (full story)