Breaking: MOOOAAARR Monetary Narcotics: China's PBOC Panics Cuts Interest Rates for the 6th Time this year!

Stock markets went wild on ECB's promise last night. Now, the Chinese government delivers the real stuff... 

From Bloomberg:

China’s central bank cut its benchmark lending rate and reserve requirements for banks, stepping up efforts to cushion a deepening economic slowdown.

The one-year lending rate will drop to 4.35 percent from 4.6 percent effective Saturday the People’s Bank of China said on its website on Friday. The one-year deposit rate will fall to 1.5 percent from 1.75 percent.

Reserve requirements for all banks were cut by 50 basis points, with an extra 50 basis point reduction for some institutions. The PBOC also scrapped a deposit-rate ceiling.

This marks the 6th interest cut for the year! Why the PBOC's panic? Reported 3Q GDP was at 6.8%. Could it be because the number had been inflated as many economists suspected? The irony of it all is that the PBOC's panic (expressed through policies) equates to panic buying rampage by Pavlovian stock market dogs!