Yesterday I did a blog post asking which central banker will spike the punch bowl this week? This morning around 7am east coast N America we got the answer: the PBoC -so far. In a surprise move the PBoC lowered reserve requirement ratio for banks a full 1% (that’s a fair bit). Loads of yummy risk-seeking liquidity came /will come into global markets. Unfortunately -for the PBoC- their punch bowl spiking only tends to buy a few days (maybe 1-2 weeks at most) of partying. Hmm.