<p style=““ class=“text-align-justify“>The move will go into effect as of 5 December as the central bank says that it wants to keep liquidity ample and strengthen implementation of prudent monetary policy. This was already pre-empted by Eamonn in his earlier posts this week:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/pboc-rrr-cut-may-be-in-the-next-few-days-20221124/“ target=“_blank“>PBOC RRR cut may be in the next few days</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/chinese-state-financial-media-says-an-rrr-cut-for-all-banks-is-likely-20221125/“ target=“_blank“>Chinese state financial media says an RRR cut for all banks is likely</a></li></ul>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The Chinese has already resorted to community lockdowns as the country’s Covid cases hit a record high and the situation is continuing to escalate ahead of the weekend. Here’s a look at the trend in cases for Beijing over the past week (measured in the 15 hours to 3pm local time each day):</p><p>18 November – 232 new local cases21 November – 316 new local cases22 November – 634 new local cases23 November – 913 new local cases24 November – 863 new local cases</p><p style=““ class=“text-align-justify“>Expect the tighter restrictions to continue in China until they get a grip of the situation. In the meantime, any major re-opening talk or pivot away from its zero-Covid policy will be put on hold surely. For financial markets, this isn’t good news for oil at least.</p>

This article was written by Justin Low at forexlive.com.