recasepunc/vosk-adapted.txt.punc

The. The. The Beijing and Shanghai. Welcome to the market strata open. I'm Yvonne, good morning, and I'm David Ingles, counting down, of course, the Diablo trade on the Chinese mainland here in Hong Kong. Let's get your top stories today, taper and a timetable dominating the latest Fed minutes as official debates. The exit path. Meanwhile, I got Beijing heading the other way, hinting at the first triple R cut in more than a year. And after the Didi debacle here, China may move to close a loophole. Long used by companies to take their listings abroad, all to enhance. That was a horrible mistake. Council yesterday from China as a. Maybe it's time to cut the triple R to help them with small businesses they are struggling from the rise of raw material costs. The key question is, how likely is this ? Yeah, what they say it. Chances are likely it's probably going to be up yet. The fact that they're saying it might actually already mean we're getting some sentiment coming through in terms of an improved material tracker. Ten year yield. We'll get to that in just a moment. In China. We're now flirting with the three percent level equity markets futures are pointing up. As you can see here in China, though. Broadly speaking, though, we're down for a seven day across Asia. Seventh day in the last. Excuse me, in the last eight sessions here have little commodity markets. We're stabilising across your oil or oil prices. We're still down five, six per cent from highs, though as far as that is concerned FX markets. Your story is, guys, can we change the police are we're looking at, generally speaking, the dollar. That's very much in focus here. So you look at that against the euro. You look at that against the Chinese currency Twenty four hours ago. Who would have thought we were talking about this sort of more divergence and starker labour discord between where you are in a PBOC to easily in the Fed and very quickly. We alluded to this, Of course, if one three percent on your Chinese ten year yield and we're not one point three percent lower and lower yields, there is a charge for you. China's top US ten year yield is at the bottom. Yeah, the Chinatown area lowest since we saw last year of September. Yup. Yeah, it is a really big major shift in China's central bank policy. That's the key question. Could it be coming ? Of course. Let's flash out that into what we heard from the cabinet there, raising the possibility of a cut to the reserve requirement ratio to both the economy at the same time. We also from a former PBOC official, Sheng Songcheng said the central bank should actually cut rates. He's not just talking about a triple R. And either the second half is an important window when China's monetary policy can tilt towards loosening while remaining stable and the interest rates can be lowered in a reasonable and moderate manner. Let's get the take from also be as well, whether Daisy, I'm David Chiu here, the short of it is so I guess one point, if we still haven't gotten that if in the event that we do their take is they, it might be a little bit too aggressive to address some of the softness in the economy. In other words, what they're saying is it needs some help. The economy, maybe not this much. Yeah, there, preferring perhaps perhaps liquidity injections here and there. But this might signal a bit too much for when it comes to reflating the economy. Joining us out of the dice. All this, Let's bring in Wang Tao Ubi as head of Asia Economics, and the chief China economists as well. Wang Tao, thanks much for joining us. First off, do you think this is actually a real possibility now or well will shrink or fade ? Contro as a frequently called using triple R cut as a tool. So I think yes, indeed, it is a real possibility. That they could do this. However, in the past, whenever the State Council called for this a few days to a couple of weeks later, we were. Would have we would see a triple R cut if they called for it. And. But it's worth noting that last year in June, shoot at the Chicago auto quote for it and by the PBC did not hold onto with any market so I. I would say at this moment it's probably a relatively high likelihood, but anything. The wording is really, you know about mitigating the higher cost of commodity prices they impact on at an ease and make their effective conquered funding a bit lower. So it's possible that it's going to be a targeted, not a overall triple cut and I. I don't think this really reflects a wholesale shift in monetary policy. I think very, very much in the same state. Concrete statement also talked about.