When financial messaging provider Swift published its latest RMB Tracker in late January, almost no one noticed.
For good reason. Anyone not focused on US politics or Australian fires was fretting about the growing threat of coronavirus.
While too late to prevent the pathogen escaping into the wider world, China has pumped $22 billion into its markets and cut banks’ reserve ratios. More monetary and fiscal stimulus will surely follow.
However, it’s worth backtracking to Swift’s January report.
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