The PBOC will also reduce mortgage rates by 50bp, lower the down payment ratio for second homes, and explore options for banks to purchase land from developers. Additionally, an RMB 500bn liquidity program for non-bank financial institutions and a re-lending initiative for share buybacks were announced.
US stocks: US market regains ground as bond yields ease; healthcare stocks rally
Major stock indexes recovered on Wednesday after a prior day’s decline. Moderna shares surged significantly following positive cancer therapy trial results. Government bond yields eased