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China's 'Surprise' Rate Hike: Another Step Toward Normal

EXECUTIVE SUMMARY

The People’s Bank of China (PBoC) hiked the one-year deposit and lending rates by 25 basis points (bps) after the local markets closed on October 19. In contrast with consensus, RGE had been foreseeing a modest hike to the lending and deposit rates—a stance we reaffirmed in our most recent China Monthly—despite signals that the central bank was content to tighten credit conditions with quantitative measures. (On October 11, the PBoC initiated a temporary required reserve ratio [RRR] hike of 50 bps for the largest state-owned banks.) Following the interest rate[...]

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