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<Research>JPM: CN Cuts Policy Rates, In Line; Top Picks CCB & CMB
JP Morgan’s research report highlighted a joint press conference held on May 7, 2025, by the People’s Bank of China (PBOC) and the National Financial Regulatory Adminis...
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<Research>JPM: CN Cuts Policy Rates, In Line; Top Picks CCB & CMB
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JP Morgan’s research report highlighted a joint press conference held on May 7, 2025, by the People’s Bank of China (PBOC) and the National Financial Regulatory Administration (NAFR), unveiling a package of market-stabilizing financial policies, which are anticipated to have positive impact.

The PBOC will pump approximately RMB2.1 trillion in liquidity through a reserve requirement ratio (RRR) cut and expanded re-lending tools, alongside a 10bps policy rate reduction, in line with expectations, the broker opined.

Related NewsBofAS: CM BANK 1Q Negative; Rating Reiterated at Underperform
JP Morgan noted that the policies’ overall impact on NIM forecasts is limited. However, the liquidity injection and rate cuts may suppress China’s 10-year government bond yields, bolstering bank dividend spreads. Among Chinese banks, JP Morgan favored CCB (00939.HK)  +0.040 (+0.605%)    Short selling $171.74M; Ratio 9.475%   and CM BANK (03968.HK)  +0.800 (+1.770%)    Short selling $233.59M; Ratio 17.834%   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-09 16:25.)

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