PBOC Governor Pan: There is still room for cutting RRR

People’s Bank of China (PBOC) Governor Pan Gongsheng said on Wednesday that “there is still room for cutting RRR.”

Additional quotes

China still has sufficient room for monetary policy.

China's exports up around 10% in Jan-Feb.

China has rich monetary policy tools at disposal.

Monetary policy will promote mild rebound in consumer prices.

Will set up relending facility for tech innovation.

Will keep the Yuan basically stable.

Will help consolidate and strengthen economic recovery.

Market reaction

AUD/USD is holding higher ground near 0.6520 following the above comments, adding 0.27% on the day.