Chinese stocks tumble as trading resumes under a cloud

The reserve requirement cut comes after Beijing pledged to expedite plans to invest billions of dollars in infrastructure projects

Asian markets fell on Monday, extending last week's sell-off as another strong United States jobs reading further fanned expectations the Federal Reserve will hike interest rates at a quicker pace.

At the World Economic Forum in Tianjin, China in September, an official from the country's securities regulator said there was nothing President Donald Trump's administration could do to make a significant dent in the Chinese economy.

China's stock markets tumbled on Monday, as investors were unnerved by the central bank's decision to slash the amount of cash that the country's lenders must hold as reserves, in a bid to help spur economic growth. This is the fourth time this year that the central bank has cut the reserve ratio. "Now, the Chinese economy is under even tougher pressure amid escalating trade friction", it said.

Celebrations for China National Day ended Friday and over the weekend the People's Bank of China once again cut the reserve requirement ratios levied on commercial banks.

"The export tax rebate is the most effective way to counter the negative impact of trade war on Chinese exporters to stabilize the job market".

Analysts say the yuan's decline has been driven mostly by China's slowing economic growth and the divergence between USA and Chinese interest rates.

Daylight saving time is reportedly causing Apple Watch Series 4 reboots
However, out of 24 hours, the particular watch face is reportedly not registering an hour or so worth of activities. Europe will move out of Daylight Saving Time by the end of this month, while in the U.S., DST ends on November 4.

Users, shutting down social network
The company cited the reason of the closure as the fact that Google+ had failed to achieve "broad consumer or developer adoption". The report alleges that the bug became active in 2015, only being discovered by Google and shut down in March of this year.

India will break U.S. sanctions and keep importing Iranian oil
Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November. The Indian Oil Corporation and Mangalore Refinery and Petrochemicals have ordered a total 1.25 million tonnes of crude.

The market's obliviousness toward the RRR cut - China's central bank said the move would inject a net 750 billion yuan ($109.2 billion) in cash into the banking system - highlights concerns that monetary easing alone would do little to heal battered confidence. Chinese dealers were playing catch-up with sharp losses last week, when Bloomberg reported that Beijing inserted microchips into equipment made in China for Amazon and Apple, and possibly for other companies and government agencies.

However, Stephen Innes, head of Asia-Pacific trading at OANDA, said: "It's not too much of a stretch to assume markets should expect more policy easing measures and increased infrastructure spending". In a speech, U.S. vice-president Mike Pence said on Thursday that China's onshore stock market fell by 25% in the first nine months of the year because Washington "has been standing strong against Beijing's trade practices".

The PBoC also reiterated that China's M2 money supply growth will be kept stable and the RRR cut will not fuel depreciation pressure on the yuan's exchange rate.

While non-performing loans saw a surge in the second quarters and defaults climbing, fixed-asset continues to grow at the slowest pace on record. The yuan market at 0414 GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.8571 6.844 -0.19% Spot yuan 6.8703 6.861 -0.14% Divergence from 0.19% midpoint* Spot change YTD -5.29% Spot change since 2005 20.47% revaluation Key indexes: Item Current Previous Change Thomson 92.76 92.87 -0.1 Reuters/HKEX CNH index Dollar index 94.143 94.133 0.0 *Divergence of the dollar/yuan exchange rate.

Chinese commission and state council have also substituted the term "deleveraging" with "structural deleveraging", a swap indicating less stringent on debt.

It is likely that further RRR cuts in addition to fiscal stimulus are in the pipeline to cushion the slowdown in the economy.

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