People's Bank of China Introduces Required Reserve Ratio Cut Effective From April 25
Following yesterday’s announcement of the Chinese central bank’s required reserve ratio, or RRR, cut of 100 basis points, effective April 25, we retain our fair value estimates for Chinese banks in our coverage, as our prior expectations for net interest margin expansion and intensifying deposit competition are largely intact. We expect the RRR cut will boost the net profits of listed banks by an average of 1.3%, based on 2017 financial data. However, this is likely to be offset by rising deposi...
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