0655 GMT - PBOC's relatively small policy rate cut of 10bps versus Goldman Sachs' expectation of 20bps and the central bank's policy communication indicate a measured and reactive easing approach, several members of GS' Economics Research say in a note. Also, the PBOC's targeted support areas such as services consumption, were mentioned at the April Politburo meeting and not surprising, the members say. GS now forecasts additional two 10bps policy rate cuts in 3Q and 4Q, and another 20bps rate cut in 2026. GS still expects another 50bps RRR cut in 4Q. Fiscal policy easing remains China's primary tool to offset growth drag from U.S. tariffs, the members add. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 07, 2025 02:55 ET (06:55 GMT)
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