In a surprise move China's central bank cut the reserve requirement ratio for its commercial lenders for the first time in nearly three years. "It's a surprising move - the market was not expecting the central bank to (cut RRR) so fast," said Shi Chenyu, an economist with the investment banking unit of Industrial and Commercial Bank of China.
Also, the World's major central banks made it easier for banks to get dollars if they need them, a coordinated move to ease the strains on the global financial system. The ECB said in a statement the central banks were making it cheaper for banks to get U.S. dollar liquidity when they need it, starting next Monday.
My intention was to get out of RSW if the S&P broke back above 1205. Sadly it will gap up and give me a poor shot of getting out good. Glad I took some off the table a week ago.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment