洪灝｜周期已经见顶，帷幕缓缓而落（The Cycle Has Turned）

这是我们20200405的报告《洪灝｜周期已经见顶，帷幕缓缓而落》的英文原版。感谢阅读。
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At a time when the market is struggling for direction after an epic rebound since March 23rd, the PBoC finally moved to cut IOER by 37bps to 0.35%, while reducing RRR for smaller banks by 1% in two steps. The IOER cut is significant: it is the first time since November 2008 - corresponding to the lowest ( 点击阅读全文 )

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