CandleFocus China Confirms Interest Rate Cut – Will Bitcoin Skyrocket?
2024-09-24
Author: Content Editor
The Chinese Central Bank (PBOC) announced plans to cut interest rates, which has led many crypto influencers and financial experts to believe that this move will confirm a bullish curve for Bitcoin and contribute to its further growth. The PBOC's governor stated that the 7-day repo rate will be reduced by 0.2 percentage points and the reserve requirement ratio (RRR) for local banks will decrease by 50 basis points. The governor did not provide a specific timing for implementing these measures but assured that it would happen in the short term. Analysts were expecting a smaller rate cut, making this move stronger than expected. Bitcoin enthusiasts speculate that the interest rate cut will support further price increases for Bitcoin.
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