This should mitigate (somewhat) the weakness in the dollar. It remains to be seen where the RMB/WSD ends the quarter. From the Wall Street Journal:
China's central bank said Monday it would cut the one-year benchmark lending rate by 0.27 percentage point from Tuesday and cut the reserve requirement ratio for smaller financial institutions from Sept. 25 to boost economic growth.
The PBOC had previously been raising interest rates and banks' reserve ratio requirements to cool down economic growth and bring inflation under control.
The move, announced on a public holiday, shows the government has shifted its policy priority to economic growth....MORE