"Cornerstone Worldwide" - China Cuts Rates To Boost Economy. [10to5mortgage.blogspot.com]
Cornerstone Mortgage Group presents a 2009 mortgage market forecast on there prediction of how the next 2009 year will turn out. Hosted by Michael Hinton, he will go into detail explanation of the hows and whys of the mortgage market along with detail graphs. Part 1 of 3
10to5mortgage.blogspot.com Cornerstone Mortgage Group Part 1 of 3 2009 Mortgage Market Forecast
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'Cornerstone Worldwide': Following $ 586bn stimulus package, China cuts interest rates.
Cornerstone Worldwide strategists apparently believe that China is likely to continue its efforts to keep growth above 8% in the face of the global economic slowdown that has seen millions of Chinese lose their jobs.
A source familiar with Cornerstone Worldwide strategists said that the announcement of a 108 basis points cut would more than likely be followed by further initiatives in the near-term.
China’s manufacturing industry has been hit particularly hard by the slump in key markets including the US and Europe and the downturn has forced the government to deploy its vast foreign exchange reserves in a bid to create jobs for the unemployed within huge infrastructure projects.
Cornerstone Worldwide said that although the challenges facing China were considerable, the country had the ability to fund such spending without resorting to the issuance of government-backed debt unlike the US or the UK.
The Cornerstone Worldwide source also warned that China would have to sell some of its holdings in US Treasuries or Fannie Mae bonds in order to finance the stimulus and this could eventually have an adverse effect on its other US dollar denominated holdings.
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