ForexLive Asia-Pacific FX news wrap: Chinese equities recover further

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It
was a session of reasonably small major FX ranges with traders
content to wait for the ECB and then US data due later.
</p><p>We
did have news from the Federal Reserve. The Bank announced an
increase in the interest rate payable on the emergency lending
program, the Bank Term Funding Program. After some regional US banks
failed in March 2023 the BTFP eased liqudity issues. In recent weeks
borrowing at low rates via the program had surged, frustrating the
Fed's balance sheet reduction objectives. Much of the borrowing was
for arbitrage activity. The facility will expire as planned on March
11.
</p><p>Chinese
mainland and Hong Kong stocks rose following yesterday’s RRR cut
from the PBoC.
</p><p>Shanghai Composite hourly </p>

This article was written by Eamonn Sheridan at www.forexlive.com.