Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Tuesday, August 25, 2015


After market chaos in the past two days of trading, with the Shanghai Composite tumbling to wipe out all of its massive rally this year, the People's Bank of China is intervening and cutting rates. China's banking reserve requirement ratio (RRR) has been cut by 0.5 percentage points. That leaves it at 18%, down from 18.5%. China has also cut the one-year lending rate by 0.25 percentage points (to 4.6% from 4.85%) and the one-year deposit rate by 0.25 percentage points (to 1.75% from 2%). Some analysts had expected a rate cut over the weekend and suggested that disappointment over the lack of one was part of the reason for the collapse in Chinese stocks on "Black Monday" — the biggest single-day slump since 2007. The justification can be found here (in Chinese) on the PBOC website. Here's a chart of the central bank's RRR over time: European equities are loving the move. The DAX index of German stocks, which was already up for the day, shot back above 10,000 and is now up 4.37%. It's the most exposed to Chinese market movements of any European index, according to Goldman Sachs. Here's how that looks: Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy